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New Campaign Commitment for pension and social security inclusion: microPension Foundation

The Microcredit Summit Campaign welcomes microPension Foundation (mPF) as the 58th organization to make a Campaign Commitment. mPF joins a global coalition to help 100 million families lift themselves out of extreme poverty. mPF will provide an integrated, contributions-led micropension solutions for 25,000 domestic help workers in India and work to further social security inclusion for low-income informal sector workers.

 

Local women in the Nilgiris with their microPension “Gift a Pension” cards.

Washington, D.C. - November 13 2015: The Microcredit Summit Campaign welcomes microPension Foundation (mPF) as the 58th organization to make a Campaign Commitment. mPF commits to provide an integrated, contributions-led micropension solutions for 25,000 domestic help workers in India and work to further social security inclusion for low-income informal sector workers. mPF joins a global coalition that includes BRAC, the ILO, and the Government of Ecuador and is working to help 100 million families lift themselves out of extreme poverty.

The non-profit mPF is a specialized pension and social security inclusion R&D hub established in 2012 through an inception grant from VISA, Inc. mPF develops, field-tests, and mainstreams innovative and scalable technology-led solutions to enable secure, convenient, and affordable access to contributory pension and social security programs by low-income unbanked workers.

“We are extremely excited about the huge potential global impact of the Microcredit Summit Campaign,” said Parul Khanna, executive director of microPension Foundation, “and are delighted to be a partner in this process. The mPF team is committed to work closely with the Campaign and fellow partners in the coming years to empower and enable low-income excluded women to achieve a financially secure and dignified old age.”

microPension Foundation joins our coalition and commits to the following:

  • By December 2016, the microPension Foundation will aim to achieve coverage of 25,000 domestic help employed by middle and upper-middle income households in India. The microPension Foundation will also identify and work with like-minded institutions in other developing countries to implement the Gift-a-Pension platform in other countries.
  • With the Microcredit Summit Campaign, the microPension Foundation and the new solutions enterprise will launch a global road-show in mid-2016 to show-case the mPIB solution to Campaign partners and to build a global partnership-led implementation network.

mPF will encourage, enable, and assist Campaign partners and other stakeholders to launch integrated, contributions-based micropension and microinsurance programs for low income excluded individuals. With this strategy, mPF seeks to multiply the impact of the social security inclusion effort and create a global micro-social security marketplace which will enable low-income, informal sector workers to achieve a secure and dignified old age through thrift and self-help.

Read the microPension Foundation Campaign Commitment letter to learn more.

The Microcredit Summit Campaign's 100 Million Project is building a movement among financial services stakeholders committed to helping to end extreme poverty. Public statements of commitment to action, expanding practices to reliably measure movement out of extreme poverty, and promoting innovations and best practices to accelerate movement out of poverty are key to achieving this goal. The Campaign will share the progress of Commitment makers at the 18th Microcredit Summit in Abu Dhabi, UAE, in March 14-17, 2016.

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The Microcredit Summit Campaign, a project of RESULTS Educational Fund, is the largest global network of institutions and individuals involved in microfinance and is committed to two important goals: 1) reaching 175 million of the world’s poorest families with microfinance and 2) helping 100 million families lift themselves out of extreme poverty. The 100 Million Project (focused on Goal 2) was launched in response to World Bank President Jim Yong Kim’s call to end extreme poverty by 2030 and in recognition that full financial inclusion can only be achieved by targeting the extreme poor. The 18th Microcredit Summit will take place in Abu Dhabi March 14-17, 2016. The agenda will focus on "Frontier Innovations in Financial Inclusion" and will feature successes in the Africa and Middle East regions.

microPension Foundation is a not-for-profit organization set up to engage in policy formulation, research, implementation planning, capacity building and payments solutions to develop, field-test and mainstream innovative, technology-led solutions to enable low income individuals, and especially the un-banked population to save for their old age.
http://micropensionfoundation.org/

 

 


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