New pension scheme proposed for tea estate and factory employees

The Agricultural and Agrarian Insurance Board has announced plans to introduce a new pension scheme for workers engaged in the tea industry and related sectors.
 
The programme, which will be implemented under the Ministry of Agriculture, Livestock, Land, and Irrigation, is scheduled to be carried out in collaboration with the Agricultural and Agrarian Insurance Board and the Ministry of Plantation and Community Infrastructure.
 
Under the proposed scheme, employees working in tea estates and tea factories will be eligible to enroll, with contributors given the opportunity to select premium installments according to their financial capacity.
 
Accordingly, an individual who joins the scheme at the age of 18 and pays a quarterly contribution of Rs. 600 will be entitled to receive a monthly pension of Rs. 5,000 upon reaching the age of 60.
 
Officials further stated that, depending on the premium amount paid, contributors may receive monthly pensions of Rs. 15,000, Rs. 20,000, Rs. 25,000, or higher. Contributors will also have the option of increasing their premium payments at any stage in order to enhance their retirement benefits.
 
In addition, the scheme provides life insurance compensation in the event that a contributor suffers total or partial disability due to an accident or passes away before reaching the pensionable age.
 
It was also noted that if a contributor passes away while receiving pension benefits, the entitlement will be transferred to the spouse.
 
Officials emphasised that the primary objective of the insurance scheme is to ensure the social security and well-being of tea industry workers during old age, when they may no longer possess the physical capacity to continue employment.