Invest India Micro Pension Services (IIMPS) is the only social enterprise in the world focused exclusively on encouraging and enabling low income informal sector workers to accumulate micro-savings for their old age. IIMPS was established in October 2006 by leading development and pension sector experts to enable low income informal sector workers to build up savings for retirement in a competitiv
e and well regulated environment. IIMPS has developed a proprietary Micro Pension® model as well as a scalable and streamlined, technology-led platform capable of delivering a range of non-credit financial services to the working poor at an affordable transaction cost. IIMPS delivers these products in collaboration with national and regional banks, microfinance institutions, employers, self-help groups, NGOs, cooperatives, worker associations and unions. Individual clients transmit periodic micro-savings to IIMPS product partners using secure, cashless micro-payment instruments including their bank accounts, prepaid cards or mobile wallets. Over the years, IIMPS has developed also a range of effective training and retirement literacy tools to motivate appropriate micro-savings behavior among low income informal sector workers. IIMPS works closely with a range of strategic and business partners including NABARD, KfW, VISA, State Bank of India, ACCION, Janalakshmi Financial Services, MicroSave, LIC and UTI. IIMPS is also working with some governments in design and turn-key implementation of co-contributory pension schemes targeting the working poor.
