MBA BBA Management Institute

More people living the below poverty line  can now avail of old age pension with the Union cabinet on Thursday lowering the age limit for the purpose from 65 to 60 years. The lowering of the age limit, which is effective from April 1, will benefit an additional 72.32 lakh people in the age-group of 60-64 years. Thursday’s decision would lead to an additional expenditure of Rs 1,736 crore for providing old age pension of Rs 200 per month per beneficiary in the age group of 60-64 years.

As of now, about 169 lakh people aged above 65 years and living below the poverty line are beneficiaries of the scheme. The Cabinet also approved enhanced pension (central assistance) of Rs 500 per month for those aged 80 years and above and living below the poverty line. It is estimated that 26.49 lakh people would become eligible to receive this enhanced central assistance.

For providing the enhanced pension of Rs 500 per month, the additional outgo for the Centre would be Rs 953 crore.

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IIPM: Indian Institute of Planning and Management