Thiruvananthapuram: In order to disburse the welfare pension, the state is taking a loan of Rs 1,000 crore from the Kerala Financial Corporation (KFC). Initially, a consortium of cooperative banks was formed to raise the necessary funds for pension disbursement. However, due to delays in receiving the expected contributions, the authorities turned to KFC for assistance.

This arrangement is based on the provision that KFC can act as a subsidising agent for government initiatives and public sector institutions. The interest rate for the loan from KFC has yet to be determined.

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Currently, welfare pensions are disbursed on a monthly basis. To fully disburse the remaining four instalments, a total of Rs 3,200 crore will be required.

Successful mustering of pensioners

The deadline for welfare pensioners to complete the mustering process ended on Monday. A total of 56 lakh individuals have participated in the mustering. The total number of people on the base list is 63 lakh, but the number of regular pensioners is about 50 lakh. Over six lakh individuals were mustered, which may include those who were previously denied pensions for various reasons.

Sources within the Finance Department have stated that individuals who received pensions in previous months will be given another opportunity to complete the mustering process if they missed the deadline.