SEWA’s latest: Pension plan for women in informal sector

Shri Mahila Sewa Sahakari Bank Limited, an undertaking of Self Employed Women’s Association, has announced the launch of Sewa Bank Pens...

Shri Mahila Sewa Sahakari Bank Limited, an undertaking of Self Employed Women’s Association, has announced the launch of Sewa Bank Pension Scheme, the first of its kind in the country. The scheme is for women workers in the informal sector.

The scheme has been designed on a contributory basis. The beneficiaries will be required to contribute a minimum of Rs 30 for the first time they open the pensioner’s account in bank. Following which, the depositor will have to contribute Rs 50 or multiples of 50 per month.

The depositors can avail themselves of the retirement scheme when they turn 60. ‘‘Withdrawal has been made simpler for these women. They can collect the total amount which they have saved at one ago or monthly collect the interest amount on the total or can even withdraw the interest along with some part of savings,’’ said Sewa Bank managing director Jayshree Vyas.

Sewa Bank plans to cover 2 lakh women members under this scheme in the next three years. Vyas said that till now these women were expected to earn their daily living even after they crossed the age of retirement.