Cabinet clears three social security schemes

The Union Cabinet on Wednesday gave approval to three mega social security initiatives -- one pension and two insurance schemes -- to be launched by Prime Minister Narendra Modi on May 9. The schemes -- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY)-- will be launched in Kolkata, the capital of West Bengal where assembly elections are due next year. 

“Cabinet approves operationalisation of APY, PMJJBY & PMSBY in all states and UTs,” said a tweet by the PIB. An official release said the decision on APY will benefit 2 crore subscribers in the first year, and that on PMSBY and PMJJBY will provide affordable personal accident and life cover to vast population.