Hyderabad, October 28: The Society for Elimination of Rural Poverty (SERP) and the Life Insurance Corporation have entered into a memorandum of understanding on providing pensions to the members of Self Help Groups.
The signing of the memorandum took place in the presence of Chief Minister K Rosaiah in his chambers at the Secretariat here today.
Speaking about the pension scheme, Rural Development Minister V Vasanthakumar said that there were about 1.25 crore members in the nine lakh Self Help Groups in the rural and urban areas of the State.
A scheme called Abhayahastam was launched by former chief minister YS Rajasekhara Reddy to give protection to aged SHG members.
The members would contribute about Rs 30 every month and they would get pension after they attained the age of 58, he said.
Life Insurance Corporation managing director Thomas Mathews said that the scheme would be taken up under their Janasri Yojana.
—Agencies