Step 2.2 Pension Scheme

What is pension scheme under BoCW?

The Pension Scheme for Building and Other Construction Workers in Karnataka aims to offer financial assistance to registered construction workers in their retirement years. Eligible workers who have contributed to the welfare fund become eligible for a monthly pension or a lump sum payment when they reach the specified retirement age, which is typically sixty years. This scheme is administered by the Karnataka Building and Other Construction Workers Welfare Board (KBOCWWB) and serves as a crucial source of financial support for construction workers in the state.

What are the eligibility criteria for accessing benefits from pension scheme?

1. Age Requirement: The beneficiary must have reached the age of sixty years.
2. Duration of Beneficiary Status: The beneficiary should have been registered as a beneficiary of the Board for at least three years before reaching the age of 60.
3. Subscription Payment: Eligibility is also determined by having paid the subscription fees until the age of sixty. In other words, those who have consistently contributed to the welfare fund until the specified age is eligible for the pension.

Meeting these eligibility criteria ensures that a registered building or other construction worker in Karnataka can access the benefits provided by the pension scheme.