The SEA bank in collaboration with UTI Mutual Funds has executed this micro pension program for women between the ages of 18 to 55, that will help them save even as little as Rupees 50 a month in a pension account.
At the age of 58, the account holder will receive their savings with the accumulated interest and can thus finance their retirement.
Unorganised workers doing jobs as those of vegetable vendors, domestic help, rag pickers, daily wage labourers can open an account with the bank and secure their old age, something which they were not assured of till now.
The scheme is particularly helpful because such labourers are denied of any kind of pensions or social security.
"I make handicrafts, I have been working for the last five years and earn around 3000 rupees per month, there is not much to save but even if I save a little, I can get an account opened here, which will help me in the future," says Hura Bibi, an account holder with the bank.
The scheme is getting an overwhelming response from women working in the unorganised sector.I have opened a pension saving account for my old age, I feel they have taken a good step. I deposit 100 rupees It will help us support ourselves in our old age...I work as a domestic help...and this is a good scheme," said Champa Ben, another account holder.
As per Jayashree Vyas, managing director of the SEWA bank, the aim of the scheme is to help women overcome poverty and also to ensure that they don't have to keep working in old age. "Our main objective is to help poor women come out of their poverty and build their own assets and capital and improve their lives and living standard," she said.
SEWA has also been organizing awareness campaigns to involve more and more women as possible. (ANI)