SHARJAH: The Overseas Pakistanis Foundation (OPF), a body of overseas ministry, has recently launched a pension scheme to benefit overseas community members to secure their retirement life.
The scheme with multiple options can be subscribed by paying a lump sum or annually depending on the maturity period.
The Pakistan high commission in the UAE has said that they are ready to assist the community as the designated officials in Abu Dhabi and Dubai have just received the details from the respective ministries.
Talking to The Gulf Today, Javed Jalil Khattak, Consul General of Pakistan in Dubai, said that they are also working with the national insurance firm, State Life Insurance Corporation of Pakistan, to provide health insurance cover to all the community members in the UAE.
“We have been working on this proposal of providing health insurance cover especially to our blue collar Pakistanis in the UAE besides encouraging the community to obtain recently-launched pension schemes by the overseas foundation,” he said.
Mir Farooq Langove, welfare attaché in Abu Dhabi, told The Gulf Today that they have received instructions from the ministry in Islamabad and are ready to assist the community members who are planning to subscribe to the pension scheme.
“The officials of welfare sections in embassy (Abu Dhabi) and consulate (Dubai) will guide the community members through the documentation as well as the procedure of paying the premium through the banks in the UAE,” he said.
The Overseas Pakistanis Foundation (OPF) has devised a comprehensive pension scheme with a number of options — conventional and Islamic — to cater the community members engaged as white collar to blue collar jobs as well as professionals and the businessmen in overseas.
The pension plan has been devised under the Overseas Pakistanis Pension Trust (OPPT) and covers the period of maturity from five years to 15 years with the benefit of profit return from 15 per cent to 40 per cent annually, varying based on the premium amount and the policy maturity period.
“The scheme is not only unique but also helpful especially for those who want a suitable return on their investment in the pension plan to continue getting returns throughout their life and beyond to their family members and children as well,” he said.
All overseas Pakistanis are eligible for the pension plan but they have to register themselves at the foundation as members.
Non-members have to pay Rs2000 to obtain OPF membership to apply for the pension scheme.
“The membership forms and assistance can be obtained at the embassy in Abu Dhabi and consulate in Dubai while forms can also be downloaded from the foundation’s website and could be sent to headquarters in Islamabad through email as well,” the official stated.
The subscriber of the conventional pension plan will get the expected return between 15-40 per cent annually after the maturity period.
One can also pay a lump sum amount of Rs120,000 for one unit or buy a different plan by paying Rs24,000 annually while the Islamic pension plan is also available with a number of options.
Source: The Gulf Today