New Delhi, Nov 9 (UNI) In a unique and first of its kind initiative, Nyaya Bhoomi, an NGO, and Invest India Micro Pension Services (IIMPS), today launched a pension scheme for the autorickshaw drivers at the 9th IIEF Annual Pension Conference at India Habitat Centre.
The Secretary of Nyaya Bhoomi, Rakesh Agarwal presented the cheque of Rs 60,000 on behalf of 200 autorickshaw drivers to the Director of IIMPS Renana Jhabvala.
The Micro Pension model is designed in such a way that the driver is encouraged to invest more and more of his savings into pension schemes. ''We are contributing Rs 300 per month for each auto driver, under the aegis of ''Auto Star Club'', towards pension fund and if any driver voluntarily contributes any amount over and above the said amount that will be matched by Nyaya Bhoomi,'' Mr Agarwal said.
He added that after 25-30 years, the driver would receive, depending on his age at the time of joining, around Rs five to 15 lakh, which would be enough for him to get a monthly income of around Rs six thousand. The NGO has taken an innovative approach to generate revenues for the pension scheme, Mr Agarwal said, adding the autorickshaws have been specially modified for display of advertisements so that the brand can get maximum visibility, while the vehicles look aesthetically appealing.
The space has been sold to companies like Tata Indicom, Chhabra Triple Five Fashions and Reliance Communications. Under the Micro Pension model developed by IIMPS, the pension savings of auto drivers would be invested in a Central Government-notified Pension Scheme managed by UTI Asset Management Company called UTI Retirement Benefit Pension Fund.
The scheme, according to the Managing Director of IIMPs, Ashish Aggarwal, is providing an average return of 11.5 per cent for the last three years.
There are around 80,000 auto drivers in Delhi and IIMPS and Nyaya Bhoomi plan to cover at least 20,000 drivers under the scheme within the next six months.
In addition to pension, the drivers would also be provided health and accidental insurance, cash incentives and many other benefits soon.
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