This lowering of the age limit would be effective from 1st of April and will benefit an additional 72.32lakh people in the age group of 60 to 64years and the decision would lead to an additional expenditure of Rs. 1736 crore for providing old age pension of Rs.200 per month per beneficiary in the age group of 60 to 64 years.
The Cabinet also approved enhanced pension of Rs.500 per month for those aged 80 years and above and living below the poverty line for which the additional outgo of the Centre would be Rs.953 crore. It is estimated that, 26.49lakh people would be eligible to receive this enhanced central assistance.
The Indira Gandhi National Old Age Pension scheme was launched by the government in 2007 in order to provide assistance to the senior citizens falling below poverty line (BPL) category.
Report by Sharika