Pensioners insurance scheme commences

The deduction of funds to contribute to the pensioners Agraha insurance fund began on the 01st of November.

Accordingly, those below the age of 70 years will face a deduction of Rs 400 per month, while those above the age of 70 years will face a deduction of Rs 600 per month.

Those who do not wish to partake in the Government insurance scheme and have retired before 1st of January 2016 can notify the Director of Pensions in writing within 2 weeks from the 29th of October.

Meanwhile, the circular which was issued by the Ministry of Public relations states that if a written application has not been submitted before the deadline, the amount due will be deducted. Letter which have also been submitted post the due date will also be rejected and a deduction towards the fund will be made.

The Government had stated that the reason why the Agraha Insurance scheme was implemented was so that to provide a more secure opportunity to pensioners.