Finance department authorises release of social security, welfare fund pensions

The Finance department has authorised the release of social security and welfare fund pensions for October. The money will be paid out this week, Finance Minister K.N. Balagopal said on Monday.

The pensions are paid at the rate of ₹1,600 per head to 62 lakh beneficiaries. In the case of 26.62 lakh beneficiaries, the pensions will be paid to their bank accounts. To others, who have opted for direct-to-home distribution, the pension amount will be disbursed through cooperatives.

According to the Finance department, the government has ensured prompt monthly payments from March this year. Last year, the State government had drawn flak over pending pension payments.

In July, Chief Minister Pinarayi Vijayan had informed the State Assembly that five pending instalments of social security and welfare pensions, totalling ₹4,250 crore, would be released during 2024-25 and 2025-26, with two in the current fiscal and three in 2025-26.

In connection with Onam, the government had released three instalments, the Finance Minister’s office said in a statement.

Meanwhile, issues related to pending Central share of the pensions persists, according to the government. Of the total pensioners, 5.88 lakh are eligible for a Central assistance of ₹300 each in their monthly ₹1,600 pension. This Central share is in arrears to the tune of ₹375.57 crore, according to the department. Over ₹900 crore is required for the payment of these monthly pensions.

Published - October 21, 2024 05:41 pm IST