A Unique social scheme with triple benefits referred to above was introduced to the parishioners on Sunday the 11th March, 2012 at the Church of St. Ignatius Loyola, Paladka, soon after the morning holy mass by Rev. Fr. Oswald Monteiro, Secretary, Diocesan Labour Commission & Director of RUSEMP , Pakshikere,( C.O.D.P. , Mangalore ). At the outset he said that the schemes are tailor made to suite the needs of the people of weaker sections having low income and who fall under unorganised sector. The salient features of the scheme as explained by him are as hereunder:
1. The schmes are applicable to the people of the age group of 18 years to 60 years
2. The monthly income of the member should not exceed Rs.6,500/-.
3. Unskilled labourers, wage earners, coolies, housewives are eligible for enrollment.
4. Govt. Employees, Other employees under organised sector having fringe benefits are not eligible.
5. A minimum subscription of Rs.100/-p.m.is a must with a cap of Rs.1,000/- p.m.
6. In the initial year the subscription to be given is Rs.1,250/- in one lump sum if the monthly contribution is limited to Rs.100/- and proportionately if it exceeds.
7. The rate of interest works out approximately @ 9% p.a.
Triple Benefits:
1. 40% of the accumulated amount will be repaid at the end of the scheme (minimum period is 5 years) in the form of Provident Fund and the remaining 60% will be re-invested for payment of monthly pension. ( 20% of the invested amount also can be withdrawn if required after completion of 5 years period and this amount is not required to be repaid).
2. Accident Insurance benefit of Rs.25000/- is covered by National Insurance Company.
3. Children of the member are eligible for a scholarship of Rs.1000/- to Rs.3000/- p.a. right from KG to 12th Std. is made available by a foreign Organisation viz., Mother Care.
The local co-ordinators of the scheme are Mr.Victor D'Souza, Gurkar of St. Peter's Ward and Mrs. Agnes D'Souza of St.Paul's Ward who have undergone the necessary training for extending necessary guidance for the eligible interested subscribers. The facilitator of the above programme Rev. Fr. Gilbert D'Souza, parish priest expressed his pleasure and appreciation for Rev. Fr. Oswald Monteiro for having taken all the pains for coming down to Paladka to share his thoughts for the benefit of the needy people. The entire programme was conducted as a part of Jubilee Celebrations consisting of 10 projects, one of which is "Financial Stability for All".
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