Kerala is home to one of the largest Non-Resident Indian (NRI) populations in the world. With many Malayalis living and working abroad, especially in the Gulf countries, the need for a secure post-retirement plan is more important than ever. To address this, the Kerala government introduced the Pravasi Pension Scheme, a financial support program aimed at providing NRIs with financial security after their working years.
Here’s a detailed look at the Pravasi Pension Scheme in Kerala:
What is the Pravasi Pension Scheme?
The Pravasi Pension Scheme is a welfare program launched by the Kerala Government to ensure financial stability for NRIs after they retire. This scheme targets Keralite expatriates, especially those working in the Gulf and other countries, who do not have access to a proper pension system abroad.
Eligibility Criteria for the Pravasi Pension Scheme:
- Age Requirement:
- Applicants must be between 18 and 60 years of age at the time of joining the scheme.
- Residency Status:
- Non-Resident Keralites (NRKs): Individuals working outside of India and holding a Kerala domicile.
- Returning Keralites: Keralites who have recently returned to Kerala permanently after having been employed abroad for at least two years.
- Out-of-State NRKs: Non-Resident Keralites who have been working for at least 6 months in another state in India (not Kerala) are also eligible.
Contribution Details:
- Monthly Contribution:
- The monthly contribution varies depending on the applicant’s age and type of NRK status (whether currently working abroad, returning, or working in another state in India). Typically, contributions are around ₹350 per month for NRKs, but this can differ based on the contribution category.
- Contribution Period:
- Even if you are aged between 55 and 60, you can still apply for the Pravasi Pension Scheme.
- However, the key condition is that you must contribute for at least 5 years before you can start receiving the pension benefits.
Pension Benefits:
- Financial Security: The scheme offers long-term financial stability for NRIs who plan to retire in Kerala. With no pension benefits in many Gulf countries, the Pravasi Pension Scheme provides much-needed support after retirement.
- Ease of Enrollment: The scheme is accessible online, making it easy for NRIs to apply and contribute from abroad. You don’t need to be physically present in Kerala to start the enrollment process.
- Government Support: The Kerala government’s involvement adds an extra layer of security and trust to the scheme, knowing that the funds are backed by reliable state structures.
- Flexible Contribution Options: Depending on your age and financial capability, you can choose a contribution plan that suits your needs, making it easier to participate at your convenience.
How to Apply for the Pravasi Pension Scheme
- Visit the Official Pravasi Welfare Board Website
- Register for the Scheme
- Fill in Personal Information
- Upload Document
- Make the Payment
- Get Acknowledgment
The registration fee for enrolment is Rs. 200 (Rupees two hundred only) for all categories.
The Pravasi Pension Scheme is a valuable financial tool for NRIs in Kerala, helping secure a stable income post-retirement. Whether you apply online or offline, the process is straightforward and provides NRIs with peace of mind about their future. By contributing regularly to the scheme, you ensure that you will have a steady income after returning to Kerala, allowing you to enjoy a comfortable and financially stable retirement.
