The Agricultural and Agrarian Insurance Board has announced plans to introduce a new pension scheme aimed at workers engaged in the tea industry and related sectors. 

The initiative, to be implemented under the Ministry of Agriculture, Livestock, Land, and Irrigation, will be carried out in collaboration with the Ministry of Plantation and Community Infrastructure.

Under the proposed scheme, employees working in tea estates and tea factories will be eligible to enroll, with the flexibility to choose premium installment amounts based on their financial capacity.

An individual who joins the scheme at age 18 and contributes Rs. 600 quarterly could receive a monthly pension of Rs. 5,000 upon reaching 60 years of age.

Officials explained that, depending on the premium paid, contributors may be entitled to monthly pensions of Rs. 15,000, Rs. 20,000, Rs. 25,000, or higher. The scheme also allows contributors to increase their premium payments at any stage to enhance their retirement benefits.

In addition to pension benefits, the scheme provides life insurance compensation in cases of total or partial disability resulting from accidents, as well as coverage in the event of death before reaching pensionable age. If a contributor passes away while receiving pension benefits, the entitlements will be transferred to their spouse.

Officials emphasised that the primary goal of this insurance scheme is to secure the social welfare and future well-being of tea industry workers, especially during old age when their physical ability to work may decline.