UTI Mutual Fund launches Micro Pension Scheme

Tiruchirapalli, Tamil Nadu, Feb 9 (UNI) UTI Mutual Fund today formally launched its Micro Pension Scheme, the first of its kind in South India for rural women of the unorganised sector in Tiruchirapalli City.

Inaugurating the scheme here tonight, Union Finance Minister P Chidambaram said, out of the total 32.4 per cent National Savings, the household savings alone accounted for 22 per cent and again out of that, 11 per cent was by way of financial savings, while the remaining eleven per cent was by way of investments in jewellery, properties, among others.

Lauding the UTI for venturing into this novel scheme, Mr Chidambaram said it will help inculcate the habit of regular savings among women in the low income group, which will help them plan for their future. It will also enable them to share the benefits of growth of the Indian economy.

The thrust was more on financial savings and Indians, particularly Tamilians who were nurturing the savings attitude, he added.

He said in a country like India, which has a massive population, it is not possible for the Government to give job assurance or the pension coverage to the entire population. The Government could give medical and pension coverage only to the poor people. Because of the rethinking on the global level that the future of citizens could be established on their own, schemes like micro pension has been launched, he added.

MORE UNI