CHANDIGARH—Pauper Punjab, which defaulted on the payment of old-age and widows’ pensions to thousands of people, announced on Monday a social security scheme for the rich business community.
The decision was taken at a meeting of the Cabinet chaired by Punjab Chief Minister Parkash Badal.
The pension scheme would cover 186,000 dealers and businessmen in the state whose annual business turnover is not more than ₹10 Million.
The three-fold social security cover includes life insurance, health insurance and fire insurance.
In another significant decision, the Cabinet approved an economic package to revive the iron and steel industry, thereby giving a major relief to this sector on the request of the members of the Iron and Steel Industry Association.
