Kerala allocates Rs 812 crore for October pensions; 62 lakh beneficiaries to benefit

Thiruvananthapuram: Kerala Finance Minister KN Balagopal said on Thursday that the distribution of social security and welfare fund pensions for October will begin on October 27. Around 62 lakh beneficiaries will receive ₹1,600 each, with a total of ₹812 crore set aside for disbursal.

Of these, 26.62 lakh beneficiaries will have their pensions credited directly to their bank accounts, while the rest will receive payments at home through cooperative banks.

Balagopal also said the Centre’s share under the National Pension Scheme would be provided to 8.46 lakh beneficiaries, with the state advancing ₹24.21 crore, which will later be reimbursed through the Public Financial Management System (PFMS).

The minister added that the second Pinarayi Vijayan government has so far spent ₹43,653 crore on welfare pension distribution.

In his statement, Balagopal said ₹812 crore has been earmarked for the pension payout, under which 62 lakh beneficiaries will receive ₹1,600 each. Of these, pensions for 26.62 lakh people will be directly credited to their bank accounts, while the remaining beneficiaries will receive payments at their homes through cooperative banks.

The minister also noted that the Centre’s contribution under the National Pension Scheme (NPS) would be released to 8.46 lakh beneficiaries. The state government has advanced ₹24.21 crore towards this amount, which will later be reimbursed through the Public Financial Management System (PFMS).

According to official data, the second Pinarayi Vijayan government has spent ₹43,653 crore so far on welfare pension distribution since assuming office.

Balagopal said that the state remains committed to ensuring timely pension distribution despite financial constraints and continues to prioritise social welfare.
(With PTI inputs)