Kerala allocates ₹1,050 cr for Welfare, Social Security pensions; distribution to begin from Feb 25

The Kerala government will begin the distribution of this month's social security and welfare fund pensions from February 25, Finance Minister K N Balagopal said on Monday. An amount of ₹1,050 crore has been allocated for the pension payment.

Around 62 lakh beneficiaries will receive a monthly pension of ₹2,000 each. Of them, 26.62 lakh people will get the amount directly in their bank accounts, while the remaining beneficiaries will receive the pension at their homes through cooperative banks. Pensions for registered members will be distributed through the respective welfare boards.

The finance minister criticised the delay by the central government in releasing its share under the National Pension Scheme. He said the centre's share for 8.46 lakh beneficiaries, amounting to ₹24.21 crore, had not been released on time. As a result, the state government has advanced the amount to ensure uninterrupted pension payments.

The amount will be credited to beneficiaries' bank accounts through the Public Financial Management System (PFMS) of the Union government. The minister also urged the centre to ensure that such delays do not occur in the future.

The finance minister said the current government has so far distributed ₹49,433.83 crore as welfare pensions. During the first Pinarayi Vijayan government's tenure, ₹35,154 crore was paid to pensioners, while the UDF government between 2011 and 2016 distributed ₹9,011 crore.

He pointed out that welfare pensions stood at ₹600 during the UDF government's tenure, and were gradually increased to ₹2,000 by the first and second Pinarayi governments. At present, the state spends around ₹1,050 crore every month on welfare pensions, which are being disbursed without arrears.

The minister added that ₹14,500 crore is required annually for pension distribution, and allocations for the coming year have already been included in the budget.