Press briefing of Cabinet Decision taken on 2011-06-29

Obtaining Funds for the Payment of Farmers' Pension of the Agriculture and Agrarian Insurance Board and the Insurance Payment for Crop Damage

- the Agriculture and Agrarian Insurance Board presently implements the Fishermen's Pensions Scheme and the Social Security Benefit Scheme. It has been proposed by the Budget of 2011 to establish a stable Citizens Pension Insurance Fund that will provide more benefits for those employed in agriculture, fisheries, transport, construction activities and in self-employment sectors. The relevant legislation for the purpose is being prepared by the Legal Draftsman. The proposal made by H.E. the President to provide a sum of Rs.317.3 million for the payment of pension to farmers for the three months June, July and August 2011, until such time the new pension fund is established, was approved by the Cabinet.