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Pension Product:
Background:
Owing to the highly vulnerable and economically insecure lives of
most of SEWA Bank's client's planning and saving for old age is a
last priority. Their lives are lived on a daily basis; awareness the
prospect of saving for later years is almost considered a luxury.
Both lack of awareness coupled with a real lack of adequate planning
and saving mechanism for old age, result in women having to work
literally till they die
The fact that none of the product available to
formal sector employees are offered to women workers in the informal
was a key point to lead SEWA Bank towards the pension product. The
development and implementation of this new product became an
important issue to ensure the fulfillment of SEWA Bank's mission
Objectives:
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Giving SEWA Bank Clients ( All informal sector women
workers) a certain degree of security to look forward to in their old age
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Encouraging SEWA Bank Clients to think about and plan for their future
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Education SEWA Bank clients about the need for old age financial
planning and providing them with a certain degree of choices and products in
order to meet their old age income needs
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