Govt to widen pension coverage for poor
The government will spend almost $1 billion on an expanded pension scheme for elderly poor in the fiscal year ending March 2009.
By Agencies |
NEW DELHI: The government will spend almost $1 billion on an expanded pension scheme for elderly poor in the fiscal year ending March 2009, and the finance minister said on Monday it would not pressure the budget.
The plan to increase coverage of the pension scheme to 16 million people above 65 years from 8.7 million now is part of the series of welfare measures planned by the coalition government as it gears up for the elections scheduled in 2009.
Finance minister P Chidambaram said the annual cost of the expanded scheme would be Rs 37.72 billion, and said it would not strain government finances.
“We will find the money to fund the scheme,” he said at the announcement of the increased coverage. Prime Minister Manmohan Singh said the new scheme covered all above the age of 65 years and living on subsistence income.
The plan to increase coverage of the pension scheme to 16 million people above 65 years from 8.7 million now is part of the series of welfare measures planned by the coalition government as it gears up for the elections scheduled in 2009.
Finance minister P Chidambaram said the annual cost of the expanded scheme would be Rs 37.72 billion, and said it would not strain government finances.
“We will find the money to fund the scheme,” he said at the announcement of the increased coverage. Prime Minister Manmohan Singh said the new scheme covered all above the age of 65 years and living on subsistence income.
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