Good news about an increase in old-age pension might come during the Diwali season. The central government may instruct the state to increase the allowance, which could mean beneficiaries receive ₹1500 instead of the current ₹1000
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Old Age Pension
Great news this Diwali season! The old-age pension is set to increase soon. The Center may direct the state to raise the pension to ₹1500 for social security.
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Pension Scheme
Currently, residents get ₹1000 as old-age pension. It’s rumored this will increase by ₹500. From now on, accounts will be credited with ₹1500.
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Rule to Change
The National Social Assistance Programme, providing monthly aid for various pensions, is seen as a central initiative. However, plans are underway to change this rule.
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Change in Pattern
The Center gives ₹200 (60-79 yrs) and ₹500 (80+ yrs). The state adds its share to make the total monthly pension ₹1000, which is provided by the state.
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Centre, State Both to Increase?
Reports say the Center will raise its contribution to ₹600. The central govt will now pay 60%, and the state will pay the rest. Many expect the total pension to become ₹1500.