UTIs micro-pension fund to help milk producers through COMPFED

Mumbai, Sep 13 (UNI) With broader objective to provide old age security to workers of the unorganised sector, UTI Mutual Fund today entered into a customised arrangement with the Bihar State Co-operative Milk Producers' Federation (COMPFED).

The arrangement will provide five milk producers' unions, associated with UTI, an investment opportunity through a micro-pension initiative, under UTI Retirement Benefit Pension Fund, a company release said.

UTI Chairman U K Sinha, after formally launching the arrangement with COMPFED today, said: ''Empowering milk producers of Bihar is the prime objective of COMPFED, and UTI Mutual Fund will help them achieve this objective by providing its members an investment opportunity through UTI-Retirement Benefit Pension Fund.'' ''This micro-pension initiative will also help to inculcate the habit of regular savings among the milk producers and enable them to share the benefits of growth of the Indian economy,'' he said.

Under this initiative, members of milk producers unions will contribute Rs 100 every month towards UTI Retirement Benefit Pension Fund up to the age of 55 years, so as to enable them to receive pension in the form of periodical income or cash flow after they reach the age of 58 years, the release said.

Initially, about 40,000 members of milk producers unions will join the scheme, which is expected to cross one lakh members by the end of the year.

''With this initiative, one million workers in the unorganised and organised sector across the country will be brought under its fold by the end of the next year,'' Mr Sinha added in the release.

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