Tuesday, 14 June 2011

Old age Pension-Eligible age 60 years

Old Age Pension Eligibility Age of senior citizens is lowered to 60 years of age from the existing 65 years of age. The Government of India took this decision on 9th June, 2011. This is for getting benefit for poor senior citizens. At the same time the pension amount for very senior citizen with an age of 80 and above has been increased from Rs. 200 to Rs. 500.

The pension age and amount is for the pensioners under the “Indira Gandhi National Old Age Pension Scheme” (IGNOAPS), which aims to provide relief to aged citizens reeling under rising inflation. The benefit of lowering the age limit will be for around 72.32 lakh people those who are living below the poverty line.

The benefit of increasing pension amount from Rs. 200 to Rs. 500 for the age of 80 and above will be getting around 26.49 lakh people. At present, around 169 lakh people who are above the age of 65 and living below the poverty line are getting pension under “Indira Gandhi National Old Age Pension Scheme”. The new decision would be applicable with the retrospective effect from 01st April, 2011.

The age of widow pension under Indira Gandhi National Widow Pension Scheme (IGNWPS) also would be revised from 40-64 years to 40-59 years and the disability pension under Indira Gandhi National Disability Pension Scheme (IGNDPS) would be revised form 18-64 years to 18-59 years.

The old age pension has been introduced by the government as a major scheme to provide an income to poor senior citizens to support themselves.

Related Posts

LIC Pension plus a Guaranteed Unit linked Pension Plan
LIC Pension Plus offers you 3% Guaranteed minimum rate of interest and the maximum interest is 6%. This rate of interest is allowed to gross premium and also offer the growth opportunity as a Unit Linked Insurance Plan (ULIP). The … Continue reading ?

Delhi Government Decided to send Old-age pension through Bank Accounts only
The Delhi Government decided to give old-age pension only through banks. This has been given through post offices also. There are around three lakh old-age pensioners and around 81000 were accepting pension through post offices. Now they are compelled to …Continue reading ?

One Rank One Pension
The Parliamentary Standing committee on Defence has urged the government to reconsider the demand of “One Rank One Pension” for the ex-servicemen. The Parliamentary Standing Committee on Defence (15th LOK SABHA) on 1st and 7th Reports reiterated that the Government … Continue reading ?

Annuity Funds or Pension Plans
An Annuity fund is a fund where an investor can deposit a certain amount of money in an insurance company or any other financial institution to get a number of assured monthly payment for a number of years in future, … Continue reading?

1 comment :