pandabrothers
A pension is a financial arrangement that provides individuals with a steady income during their retirement years. It is typically funded during a person’s working life and paid out after they retire. Pensions are designed to ensure that retirees have a reliable source of income when they are no longer earning a regular salary.
Types of Pensions
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National Pension System (NPS) is a defined contribution pension. NPS is voluntary for subscription by an individual to make contributions to his/her Individual Pension Account during the working life for creating a pension corpus from which regular income will be generated after retirement / working age.
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Atal Pension Yojana (APY), a pension scheme for citizens of India, is focused on the unorganized sector workers. Under the APY, guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers
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Madhu Babu Pension Yojana
Schemes – In January 2008, State Government merged two old schemes, namely, Revised Old Age Pension Rules, 1989 Et Disability Pension Rules, 1985 and introduced the Madhu Babu Pension Yojana Rules, 2008.Eligibility:
A person will be eligible for pension if He/She-
i. is of 60 years of age and above
ii. Or, is a widow (irrespective of age) (WP)
iii. Or, is a leprosy patient with visible signs of deformity (irrespective of age).
iv. Or, is a person of 0 years of age or, above and unable to do normal work due to his/her deformity or disability being blind or, orthopedically handicapped or, mentally retarded or, with cerebral palsy.
v. Or, a widow of AIDS patient (irrespective of age and income criteria mentioned under Rule 6(b).
vi. Or, an AIDS patient identified by the State / District AIDS Control Society (irrespective of income as under Rule 6 (b).
vii. has family income from all sources not exceeding Rs.24,000/- per annum (Tahasildar concerned to certify)
viii. ls a permanent resident / domicile of Odisha.
ix. Is not in receipt of any other pension from the union Government or the state government or any organization aided by either Government.Financial norms:
A. Rs 1000(60-79 years) and Rs.1200 (80 years and above)per beneficiary per month.
B. The pension due to beneficiary gets disbursed on 15th of every month, on JANA SEWA DlWAS in denomination of Rs 100 by BDO or any officer subordinate to BDO (in rural area) in Gram Panchayat office and by DSSO or any officer subordinate to DSSO at municipal office in the urban area
