SEWA Bank to offer micro pension to 1 lakh workers

Ahmedabad-based Self Employed Women's Association (SEWA) Bank aims to provide retirement benefits to 1 lakh unorganised workers in Gujarat.

So far, SEWA Bank has opened 50,000 micro pension accounts in the state through its micro pension drive initiative for the poor and middle-class labourers. The initiative aims to provide old-age security to workers like vegetable vendors, ragpickers, hand-cart pullers, bidi workerrs, construction workers, domestic helps, agriculture workers, garment workers, to name a few.

The micro pension program, in partnership with UTI Mutual Funds, helps all women under 55 to save as little as Rs 50 a month in a pension account. At the age of 58, the account holders receive their savings along with interest to finance their retirement.

SEWA also lauched a state-wide awareness drive on Monday to promote its initiative. In other states, the organisation has decided to launch a national-level pension literacy and coverage campaign.

The micro pension program, in partnership with UTI Mutual Funds, helps all women under 55 to save as little as Rs 50 a month in a pension account. At the age of 58, the account holders receive their savings along with interest to finance their retirement.

SEWA also lauched a state-wide awareness drive on Monday to promote its initiative. In other states, the organisation has decided to launch a national-level pension literacy and coverage campaign.