With interest rates headed downwards due to increased liquidity in the banking system post demonetisation, the government has decided to shield senior citizens who depend on interest income to sustain their lives.
The government on Tuesday approved a pension scheme for senior citizens that would provide a guaranteed return of 8 per cent for 10 years. The scheme, Varishtha Pension Bima Yojana 2017, would be launched by the state-owned LIC during the current financial year to protect elderly persons, 60 years and above, against a potential fall in their future interest income due to uncertain market conditions.
The government on Tuesday approved a pension scheme for senior citizens that would provide a guaranteed return of 8 per cent for 10 years. The scheme, Varishtha Pension Bima Yojana 2017, would be launched by the state-owned LIC during the current financial year to protect elderly persons, 60 years and above, against a potential fall in their future interest income due to uncertain market conditions.
Tags:
