Milestones

2012
25,000 low income rural workers enrolled in the 8 NABARD pilot districts in collaboration with RRBs, DCCBs and SHPIs. Cumulative micro-pension assets cross INR350 million from ~400,000 clients. New partnership with VISA for prepaid card and mobile-led micro-payment solutions for Micro Pension clients. National partnership with LIC for distribution of NPS-Lite and microinsurance to IIMPS clients. IIMPS appointed for turnkey implementation of the Karnataka Government co-contributions based pension scheme using the Micro Pension platform. Assisting the Ministry of Overseas Indian Affairs to develop IEC tools and outreach strategies to implement the new co-contributions based pension, life insurance and return and resettlement savings scheme at Kerala and UAE. The scheme targets 5 million overseas migrant workers in 17 ECR countries.


2011
IIMPS client base crosses 225,000 low income workers. Equity investment by the Michael & Susan Dell Foundation (MSDF). IIMPS collaborates with 8 regional rural banks and 2 district cooperative banks for enrolment of rural banking customers for Micro Pension products at Darbanga, Bhagalpur, Mayurbhanj, Puri, Cuddalore, Madurai, Raibareili and Moradabad. Collaboration with BillDesk for ECS-led micro-savings using bank accounts. Field-tested IEC toolkit developed with NABARD and KfW.


2010
IIMPS achieves ~100,000 Micro-Pension clients. sCube 1.0 developed and implemented. IIMPS-NABARD Rural Micro-Pension partnership formalised to pilot-test delivery of afforable pension products to SHG members and the rural poor more generally. Pan-India partnership launched with the State Bank of India (SBI) for implementation of the bank-linked (cashless) Micro Pension model. Outreach partnerships with Janalakshmi Financial Services and BASIX launched.


2009
UTI AMC picks up an equity stake in IIMPS. Study on learnings from implementation of the Rajasthan Government Viswakarma Scheme launched with UNDP. Research-based policy consultations hosted with UNDP India to demonstrate the utility of pension co-contributions as a powerful public policy tool to broad-base voluntary participation and sustained savings discipline by low income informal sector workers. The Indian ministry of finance and senior finance and labour department officers from nearly a dozen state governments participate in this meeting.


2008
The Micro Pension data administration and transaction processing IT platform (sCube) development initiated with a grant from KfW Germany. Viswakarma Yojana, India's first government co-contributions based pension scheme for the working poor, designed jointly with the Rajasthan Government launched on the “micro-pension” platform. IIMPS adopts Hamirpur and Mangalore districts to field-test new retirement literacy tools, pilot-test NPS implementation and verify the voluntary demand for retirement savings among low income workers jointly with the ADB, Indian Ministry of Finance and PFRDA.


2007
IIMPS promoted with initial seed capital from SEWA Bank, UTI AMC, Vijay Mahajan, Jayashree Vyas, Renana Jhabvala, Vijayalakshmi Das, Ashish Aggarwal and Gautam Bhardwaj. Achieved proof of demand for contributions based pensions among the working poor – 20,000 SEWA women members voluntarily enroll into the UTI-Retirement Benefit Pension Fund. Initiative launched by Shri P. Chidambram, then Union Finance Minister of India.

Changing Lives
field updates

Low income individuals in remote tribal locations at Tamil Nadu are now being enrolled for "micro-pension" in partnership with Centre for Tribal Research and Development (CTRD).

IIMPS and eKutir will jointly assist low income farmers in Odisha to accumulate micro-savings through the Micro-Pension model.