DUBAI // Nursing dreams of a secure future for their family, more than 100 Indian construction workers gathered at the official launch of a social security scheme for overseas workers on Monday at the Indian consulate in Dubai.
The UAE was chosen by the Indian government to launch its overseas pension plan – Pension and Life Insurance Fund for Overseas Indian Workers or the Mahatma Gandhi Pravasi Suraksha Yojana – because “it will make a good start here”.
It aims to attract five million blue-collar Indian workers in 17 countries.
For most workers, this was their initiation into saving.
“I am employed now but I realise I must save for myself and my children,” said Bhaskar Chander Bari, an electrician with a construction company.
“I will work in this country as long as I can but then I want to start something of my own in my village.”
Clad in blue and grey overalls, most workers at the launch function yesterday said they earn between Dh600 and Dh1,200 a month and send home up to 70 per cent of their salary each month.
Vayalar Ravi, the minister for overseas Indian affairs who came up with the idea of the project, said it would help workers save towards their pension, for their return home and gain life insurance cover while working abroad.
“It is one of the happiest days for me because I was influenced by workers of this country and their stories; this made me formulate the plan with officers in Delhi,” he said.
“Indian workers rarely accumulate savings and as a result they risk uncertainty in finances when they are not employed. I deliberately selected the UAE for the launch because I know it will make a good start here. We want to provide a social security net, enable workers to systematically save and help them understand that they make a contribution and the government will also contribute.”
The scheme is open to overseas Indian workers who have not completed school beyond grade 10 and who have an “emigration check required” stamp on their passports.
People register by opening an overseas Indian bank account to which they can make a remittance any time and the Indian government will also make a contribution.
The Ministry of Overseas Indian Affairs will contribute 1,000 Indian rupees (Dh60) a year for all subscribers to the scheme who save between 1,000 to 12,000 rupees a year in the pension fund. The ministry will contribute an additional 1,000 rupees for Indian women overseas workers.
Indian ambassadors from Saudi Arabia, Oman and Bahrain were present at the launch. The scheme will shortly be extended to other GCC countries, Mr Ravi said.
MK Lokesh, the Indian ambassador to the UAE, described it as one of the most important events for overseas workers.
“Many workers spend everything they earn and have not much to bank on if they work overseas for only a few years,” he said.
“This will provide them some security. Word will spread through workers’ organisations, businesses and employers to make this scheme widely known.”
Since a soft launch in July in the UAE, 421 workers have been enrolled and documents of 304 others are being processed, said KV Rama Moorthy, the chief executive of the Bank of Baroda’s GCC operations, the lead bank appointed by the Indian government to facilitate the scheme.
“After the official launch and publicity, we expect a huge response,” he said.
“We are conducting regular awareness camps in Abu Dhabi, Dubai, Sharjah and Al Ain by going to different company labour camps. After explaining the scheme we organise question and answer sessions to resolve their queries.”
Sanjay Ram, a plumber, was among those who enrolled after listening in on a session organised at his construction company camp.
“We are working now but then what?” he said.
“We never think about our future and it will be good to start some kind of saving. I have to keep working to look after my family and now I must also keep saving.”
rtalwar@thenational.ae
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
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UAE currency: the story behind the money in your pockets
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Drishyam 2
Directed by: Jeethu Joseph
Starring: Mohanlal, Meena, Ansiba, Murali Gopy
Rating: 4 stars
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
Women%E2%80%99s%20T20%20World%20Cup%20Qualifier
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Dubai Bling season three
Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed
Rating: 1/5
Aggro%20Dr1ft
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Company%C2%A0profile
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs: 2018 Ducati SuperSport S
Price, base / as tested: Dh74,900 / Dh85,900
Engine: 937cc
Transmission: Six-speed gearbox
Power: 110hp @ 9,000rpm
Torque: 93Nm @ 6,500rpm
Fuel economy, combined: 5.9L / 100km
West Indies v England ODI series:
West Indies squad: Jason Holder (c), Fabian Allen, Devendra Bishoo, Darren Bravo, Chris Gayle, Shimron Hetmyer, Shai Hope, Evin Lewis, Ashley Nurse, Keemo Paul, Nicholas Pooran, Rovman Powell, Kemar Roach, Oshane Thomas.
Fixtures:
1st ODI - February 20, Bridgetown
2nd ODI - February 22, Bridgetown
3rd ODI - February 25, St George's
4th ODI - February 27, St George's
5th ODI - March 2, Gros Islet
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
