This year’s budget has attracted words of appreciation from all around. Finance expert Meenakshi Doraiswami inspects it closely to see how it will affect the senior citizens.
Variously described as path-breaking, transformative, pragmatic, consistent, fiscally prudent, buoyant, popular and not populous, Union Finance Minister Arun Jaitley’s February 1, 2017 budget proposals have warmed one and all - academics, economists, the general public and media barring opposition parties as expected. He has maintained his direction towards providing for and helping the rural and agricultural sectors where maximum poverty still prevails after 70 years of independence. But this article is targeted at senior citizens and we want to know what, if any, specific and general benefits we can expect in the coming year i.e. 2017-18.
Specific Measures
ADHAR - based smart health cards for senior citizens introduced as a pilot project in 15 districts storing his/her complete health information, which can be accessed by hospitals and medical practitioners for quick and effective treatment in case of emergency or otherwise.
Additional health cover up to Rs 30, 000 for senior citizens.
A new assured pension scheme like the Varishta Bhima Yojana through the LIC providing guaranteed 8% interest per annum for 10 years. Details to be notified later. A welcome step as a social security measure in days of decreasing interest rates but limiting it to one year of launch is a cruel joke. All do not have ready cash and what of those who complete 60 years in times to come?
Senior Citizens Bank Deposit Scheme continues. Announced by the Prime Minister on December 31, 2016, it gives 8% monthly interest for 10 years with investment capped at Rs 7.5 lakhs, which will fetch Rs 5,000 a month.
Web-based centrally administered e-payment to defense pensioners. General Measures Impacting Senior Citizens Also
This story is from the March 2017 edition of Dignity Dialogue.
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This story is from the March 2017 edition of Dignity Dialogue.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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