<span style="color: #222222;">Union Cabinet has approved extension of Pradhan Mantri Vaya Vandana Yojana, PMVVY for the welfare of and to enable old age income security for senior citizens.<br />'' <br />'' The scheme has been extended up to 31st March, 2023 for further period of three years beyond 31st March, 2020.<br />'' <br />'' Cabinet to allow initially an assured rate of return of 7.40 per cent per annum for the year 2020-21 per annum and thereafter to be reset every year.<br />'' <br />'' Cabinet has delegated the authority to Finance Minister to approve annual reset rate of return at the beginning of every financial year.<br />'' <br />''<br />''PMVVY is a social security scheme for senior citizens intended to give an assured minimum pension to them based on an assured return on the purchase price or subion amount.</span>