The Kerala Non-Resident Keralites’ Welfare Board has formulated a scheme that aims at ensuring the welfare of Non-Resident Keralite (NoRKs) returnees as well as garnering the much-needed resources for the infrastructure development of the State.
The proposal that has been submitted by board chairman P.T. Kunji Muhammed to Chief Minister Pinarayi Vijayan envisages a dividend-pension scheme by way of which each beneficiary will be provided a lifetime monthly pension, which is fixed on the basis of their investment.
The scheme, which is intended to benefit NoRKs and former NoRKs, involved investments ranging from ₹5 lakh to ₹50 lakh being deposited as a whole or as six instalments paid within three years. Each beneficiaries will be entitled to receive pensions ranging from ₹5,000 to ₹50,000 every month, three years after the final deposit has been made to the board.
The pension will be transferred to the beneficiary’s spouse after his/her death. A salient feature of the scheme is that the initial investment can be withdrawn only after the spouse’s death, following which it will be released to the beneficiary’s legal heir. The proposed scheme will prevent the attachment of the pension account for recovery of any loan dues.
It has been recommended to the government to fix the rate of monthly dividend at 12%, so as to ensure that there are more takers for the scheme and the beneficiaries received substantial pension that would ensure their well-being, particularly during old age.
Besides ensuring that the government has no financial liability in undertaking the scheme, the investments generated could be used to fund various infrastructure projects through the Kerala Infrastructure Investment Fund Board (KIIFB) and other agencies. The proposed scheme is also projected to prevent NoRKs from making unwise investments and letting their hard-earned savings be used for unproductive ventures.
