High-Benefit Pension Scheme for Fishermen Launched

A new high benefit pension scheme for fishermen has been launched by the Department of Fisheries and Aquatic Resources in partnership with the Agricultural and Agrarian Insurance Board.

The Ministry said the pension plans are designed to suit fishermen’s purchasing power and personal preferences, allowing them to choose a contribution level that best fits their financial capacity.

Under the scheme, fishermen can contribute to a pension plan that enables them to receive a monthly pension after the age of 60. The pension amounts can range from Rs. 5,000, Rs. 10,000, Rs. 15,000, Rs. 20,000, Rs. 25,000, or higher, based on the contributor’s choice.

A distinctive feature of the scheme is that the pension amount increases at different age brackets after 60, offering higher benefits as the pensioner grows older.

Additionally, contributors to the new fishermen’s pension scheme are eligible for life insurance benefits. In the event of the pensioner’s death, the pension will be transferred to the spouse.