Invest India Micro Pension Services Pvt. Ltd. (IIMPS) and NyayaBhoomi have launched a first of its kind pension scheme for auto drivers under IIMPS’ Micro Pension model.

The first cheque of Rs.60,000 on behalf of 200 autorickshaw drivers was presented by Rakesh Agarwal, Secretary, NyayaBhoomi to Ms. Renana Jhabvala, Director, IIMPS and national coordinator of SEWA. The first batch of auto drivers who have joined the scheme were handed over their scheme pass books at a ceremony at the 9th IIEF Annual Pension Conference held at India Habitat Centre today (9th November).

There are 80,000 auto drivers in Delhi. None of them have access to pension schemes, rendering them vulnerable when they grow old and frail. This unique initiative seeks to provide pension services to all auto drivers under the aegis of “Auto Star Club”. The schemes are designed in such a way that the driver is encouraged to invest more and more of his savings into pension schemes. Beyond a limit, the driver’s voluntary contribution is matched by NyayaBhoomi.

As part of the innovative approach, revenues for the pension schemes are being raised through advertisements on autorickshaws. The autorickshaws have been specially modified for display of advertisements so that the brand can get maximum visibility while the vehicles look aesthetically appealing. The passenger comfort is also enhanced by the use of thermally-insulated material to construct the top portion of autorickshaws.

In addition to pension, the drivers will be also provided health insurance, accidental insurance, cash incentives and many other benefits soon.

Advertisement space has been sold o the autorickshaws to companies like Tata Indicom, Chhabra Triple Five Fashions and Reliance Communications. These companies are using the autorickshaws for brand promotion, and at the same time, the drivers shall benefit from pension services.

IIMPS and NyayaBhoomi plan to cover at least 20,000 auto drivers in Delhi under the pension scheme within the next six months.

Under the Micro Pension model developed by IIMPS, the pension savings of auto drivers shall be invested in a central government notified pension scheme managed by UTI Asset Management Company called UTI Retirement Benefit Pension Fund.

IIMPS
Invest India Micro Pension Services is a national level organisation working for social security for low income workers in alliance with micro finance institutions, NGOs, cooperatives, worker groups and community based organizations. IIMPS is providing pension related services to over 1,00,000 low income workers across nine states.

For further information, contact:

1. Rakesh Agarwal, Secretary, NyayaBhoomi @ 9873.222.222

2. Ashish Aggarwal, Executive Director, IIMPS @ 9818.008.123