Tamil Nadu - Tiruchi   

Micro pension scheme launched

Special Correspondent

For unorganised sector women workers

IMMEDIATE RESPONSE: Two women handing over a cheque towards first contribution for the scheme to the Union Finance Minister, P. Chidambaram, in Tiruchi on Friday. U. K. Sinha (second from right), Chairman and Managing Director of the UTI Asset Manage ment Company Limited, and N. Peter Palaniswami (second from left), secretary-general of the SHEPHERD are also seen. — Photo: R. Ashok.

TIRUCHI : The Union Finance Minister, P. Chidambaram, launched the UTI Mutual Fund's `micro pension' scheme for the unorganised sector women workers in the State here on Friday.

The scheme initially would cover over 5,100 members of the SHEPHERD (Self-Help Promotion for Health and Rural Development), a non-governmental organisation.

Speaking on the occasion, Mr. Chidambaram said workers in the unorganised sector accounted for 20 per cent more than those employed in the organised sector in the country. Among the unorganised sector workers, a vast majority of them were women.

Of the total savings of 32.4 per cent in the country, 22 per cent accounted for household savings, mainly by women. While 11 percent of the money saved in the households was through financial savings, the rest of the savings was in the form of property.

He commended the micro-pension scheme as it would ensure financial protection mainly to the rural folks and called upon the unorganised sector workers to take full advantage of it.

Mr. Chidambaram said till a few years ago the Centre was offering refined benefit pension to the government employees. In 2004, it introduced the new refined contributory pension scheme, ensuring their economic security after retirement.

He said, unlike in the small countries, in a big and developing country like India, the government could not guarantee all benefits to the people. It is for the people to take care and protect themselves after their retirement. Hence, there was a re-thinking going on across the world on providing social security to the people in their old age.

The Chairman and Managing Director, UTI Asset Management Company Ltd, U. K. Sinha, said the micro-pension scheme would enable the unorganised women workers to share the benefits of the capital market and pave way for their empowerment. The initiative would help inculcating the habit of regular savings among women in the low- income group and plan their future.

The Managing Director of the Ahmedabad based SEWA (Self Employed Women Association), Jayshree Vyas, underlined the importance of women achieving financial literacy.

The Chief Executive of the Friends of Women's World Banking (FWWB), Vijayalakshmi Das, and the secretary general of the SHEPHERD, N. Peter Palaniswami, spoke.

Two women members of the SHEPHERD handed over a cheque towards the first contribution for the pension scheme to Mr. Chidambaram on the occasion.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Micro pension scheme launched
Rs. 825-crore education loans given
Kumbabhishekam for Samayapuram temple
Steps to upgrade Annal Gandhi Memorial Government Hospital
Role of service sectors hailed
DMK bags 12 wards
It's all about management, folks
Two killed as gelatine stick goes off
Around the City
In Tiruchi Today
Police personnel embark on a `crime mapping' exercise

Copyright © 2007, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu