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D.Muthukrishnan (Muthu), Certified Financial Planner- Personal Financial Advisor

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Gift a Pension

Posted by Muthu on November 24, 2014

I came across a very unique concept through Mr.P.V.Subramanyam’s blog.

The family structure is changing not only for rich and middle class but even for poor.

We have to be financially sufficient and cannot expect the next generation to support us in our old age. This now holds good for all sections of the society.

We all need to plan for our old age. We continue to need income till our last breath, which may even be two decades after we stop working.

People like our domestic workers, driver etc. also need to fend for themselves in their old age. While working itself, they live on the edge and literally lead hand to mouth existence.

Who would support them in their old age?

As their employers, we need to.

Micro Pension Foundation has started a portal called http://www.giftapension.com/

For now they have tied up with NPS (National Pension System of Government of India) – NPS Lite / Swavalamban and an SBI Life insurance product, SBI Life Grameen Super Suraksha.

There is both life cover and pension offered through above products. In fact for NPS Swavalamban, government also contributes Rs.1000/- per annum.

This is a great initiative. I expect more products and offerings in future.

Please make use of these kinds of options to provide your domestic worker life cover and a dignified old age. She cannot work forever but need income for life.

Please do something for her.

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