The union cabinet on Wednesday approved the continuation of Rs.1,000 minimum monthly pension for pensioners under the Employees' Pension Scheme beyond the financial year 2014-15.
Currently, it is effective only up to March 2015.
The decision to continue with the pension on perpetual basis was taken at a meeting of the union cabinet chaired by Prime Minister Narendra Modi here, an official release said.
The cabinet also approved corresponding grant of continuous annual budgetary support for implementing the minimum pension, which will be to the tune of Rs.850 crore per year on a tapering basis.
The present proposal is likely to benefit approximately 20 lakh pensioners.
