ABU DHABI // About one million expatriates will benefit from an Indian government pension scheme due to be launched in the UAE by the end of this month.
Mahatma Gandhi Pravasi Suraksha Yojana is a social-security scheme announced by the ministry of overseas Indian affairs to help workers save their income for resettlement and retirement.
The UAE fund, India's first overseas scheme, was approved in January by the government.
Under the plan, holders of Emigration Check Required (ECR) passports - those who have not passed Grade 10 - will be eligible for pension benefits, return and resettlement savings, and life insurance.
The ministry will also contribute to the pension and resettlement funds.
Subscribers must contribute a minimum of 5,000 Indian rupees (Dh329), with the ministry's contributions varying depending on gender.
Total savings will be between 6,900 and 7,900 Indian rupees a year.
Benefits will be provided for five years or the period of overseas employment, whichever is less.
Two pension enrolment offices, one in Abu Dhabi and one in Dubai, will be set up to receive applications.
The Indian Embassy in Abu Dhabi says about one million in the UAE will benefit from the scheme. There are about two million Indian expatriates in the country, 60 per cent of whom are labourers.
Between 40 and 50 per cent of Indians in the UAE hold ECR passports. Those aged between 18 and 50 are eligible for the scheme.
The Indian ambassador, MK Lokesh, said a team from the Indian Workers Resource Centre (IWRC) in Dubai had been visiting labour camps across the country to make an assessment of the numbers eligible and offer information.
The Bank of Baroda, the only Indian bank fully operational in the UAE, has been chosen as a partner in the scheme.
"So we are discussing the enrolment strategies with the bank and the IWRC as well as how to assist workers with the paperwork," Mr Lokesh said.
Atul Kumar Tiwari, joint secretary at the ministry, said the programme has so far been launched only in the southern Indian state of Kerala.
"We started in Kochi in May 2012 and last month we started the enrolment process there," Mr Tiwari said.
Vayalar Ravi, the minister of overseas Indian affairs, will visit the Emirates this month to officially open the enrolment centres, Mr Lokesh said.
Brochures, videos and pamphlets will be distributed among workers to educate them on the pension plan.
Mr Tiwari said there had been meetings with employers, foreign-exchange houses, the IWRC and the bank to figure out the most effective and convenient way for workers to take part.
Workers have been warned not to pay cash to anyone before or after joining the scheme.
anwar@thenational.ae
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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