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Househelps and domestic workers are central to much of our daily chores. From cooking our lunch to cleaning our homes, it is impossible to function without them. Despite the many government welfare schemes available for them, they remain largely unaware, and hence, unable to benefit from it. So, for all these individuals who make your daily life easier, here are a few things you can do to strengthen their financial health and make their lives better, without spending much from your pocket.

First off, ensure that they have a functional bank account, along with having their PAN, Aadhar card and other essential identification documents in place. This will help them register for various schemes. If they don’t have an account, help them in opening a zero-balance account.

Most househelps face a crunch when it comes to instant availability of funds. Thus, they end up taking high-interest loans without proper documentation. Others put their hard-earned money exclusively in chit funds or committees, since they promise them immediate funds.

Discuss with your househelp and understand if she needs a certain portion of her monthly income as an advance. This can help them stay away from informal loan sharks, chit funds and a long debt trap, just to meet their short-term needs.

Apart from giving them material gifts like clothes, utensils or something similar on festivals, try adding a term insurance or pension policy along with it. You can pay on their behalf in schemes like Atal Pension Yojana, which require contributions as low as Rs 200/month. Imagine this. If you put just Rs 181 for your aide aged 35, she will end up with a corpus of Ra 1,17,129 by the time she turns 60.

You can also sign them up for other insurance programs like Rashritya Swasth Bima Yojana, PM Suraksha Bima Yojana, or the PM Jeevan Jyoti Bima Yojana. For a premium of just Rs 20/annum, they can be eligible to receive Rs 1,00,000 in case of partial disability.

Says Gaurav Jalan, Founder & CEO, mPokket, “Health insurance offers comprehensive coverage for various medical expenses, encompassing hospitalization, treatments, and more. This can help your domestic help access quality healthcare without facing financial strain. Life insurance also policies serve as a crucial means of providing financial protection to their families covering up for unfortunate events. By raising awareness and guiding them in availing these options, you can make a significant contribution to their long-term financial security, leading to a more prosperous future.”

As Jalan further notes, acknowledging the importance of financial education and access to banking is the first step towards it. Many domestic helpers may not have had the chance to explore traditional banking services. Assisting them in opening bank accounts and providing essential financial knowledge can significantly help them manage their money wisely.

Just like you, your house helps will also want the best for their children. For instance, if your house help wants to save for her infant daughter’s education, guide her towards the Sukanya Samriddhi Scheme, which offers guaranteed annual returns of 8.3%.

You can add these investments to their monthly salary, as well. These might not amount to much, but can help them in the long run. Alternatively, you can set up a mechanism, where either you could manage these investments on his/her behalf, and deduct the same from their salary. Initial months of such handholding can go a long way in making them witness their money grow.

Financial planner Nema Chhaya Buch says that most individuals today have smartphones. With the help of applications like Paytm, you can push your house helps to invest in mutual funds, with a micro SIP of as low as Rs 100. Since most prefer gold, introduce them to the benefits of digital gold, so that they can invest in the same.

You can input your email ID or mobile number for receiving bank or investment-related correspondence on their behalf. This will help you periodically review or guide them on their investment journey.