Bihar’s Milkmen, under the guidance of the Bihar State Co-operative Milk Producers’ Federation, or COMPFED in short, have tied up with UTI MF for investing in a fund that aims at the retirement market.
The latest micro-pension initiative taken by the fund house, consecrated by the State Government, will seek to tap members of milk producers’ unions, whose contributions will be invested in UTI Retirement Benefit Pension Fund (RBFP).Considering the fact that there are more than a couple of lakh members, the arrangement may well assume far bigger proportions, notes Mr Amir Subhani, CMD of COMPFED, adding that each contributor will be required to put in at least the minimum amount at regular intervals till he or she is 55. The `pension’ will flow in after the individual concerned turns 58. For starters, roughly 40,000 members will join.The State’s recent proposals have included insurance of animal resources as well. An insurance plan, in which the Government bears 50 per cent of the cost and a cattle owner pays the remaining 50 per cent, has been worked out. This has been set off in a few districts already.