Microfinance

SEWA launches Micro Pension: Plans to reach 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.

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Abhay N

Author : 

Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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