UP Government Pension Scheme 2014 - Benefit Almost 4 Million Poor

UP Government Pension Scheme 2014 - On November 5, 2014 Uttar Pradesh Chief Minister Akhilesh Yadav will launch a pension scheme for 40 lakh families, including those belonging to the Scheduled Castes (SC), Scheduled Tribes (ST) and minorities, in the state.

The Samajwadi Pension Scheme will cover 12 lakh SC/ST families as well as 10 lakh minority and 18 lakh poor families, the state government has announced.

The Akhilesh Yadav government would incur Rs 2,400 crore on the scheme during the current financial year alone. Beneficiaries would get Rs 500 as monthly pension, which would be increased by Rs 50 every year. The government might seek allocation in the supplementary Budget, to be tabled in the Assembly during the budget session starting February 19.

Pension would be transferred to the registered bank account of the woman head of the respective family.

In the beginning, the pension would be paid on quarterly basis. It would be made monthly later

For instance, a beneficiary will get Rs.550 per month in the year 2015-16 and by the end of the sixth year, the amount would stabilize at Rs.750 per month, the spokesman added.