₹100 cr. for expatriate employment scheme

The Budget envisages an integrated expatriate employment scheme for protecting NoRK (non-resident Keralites) returnees who lost their jobs due to the changing labour laws in the Gulf countries and the COVID-19 pandemic. An outlay of ₹100 crore is earmarked for the scheme.

In his Budget speech, Finance Minister T.M. Thomas Isaac said priority would be given to the expatriate returnees in four schemes, namely Digital Employment Scheme for the Educated, Loan based Entrepreneurial Development Programmes, Service Providing Societies, and Marketing Network.

Skill development training would be provided to the returnees so as to help them go abroad again, he noted.

The Minister said pravasi online meets would be organised in July by all panchayats and municipalities. The list and needs of both returnees and those who intended to return would be compiled and it would be converted into action plans at the district level.

The Budget also allocated ₹9 crore for the Pravasi Welfare Fund. The welfare fund contribution for those abroad was increased to ₹350 and their pension to ₹3,500. The welfare fund contribution of the returnees was enhanced to ₹200 and their pension to ₹3,000. Promising a 10% interest rate for the expatriates who invest in the Pravasi Dividend Scheme, he said this amount would be invested in KIIFB bonds.

Though KIIFB had slashed interest rates, investors would not be affected, he said noting that the additional expenditure on account of the interest would be met by the government as a welfare measure.

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Printable version | Mar 4, 2021 9:59:00 PM |

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