Lucknow, Oct 24 (IANS) Uttar Pradesh Chief Minister Akhilesh Yadav will launch a pension scheme for 40 lakh families, including those belonging to the Scheduled Castes and Scheduled Tribes and minorities, in the state Nov 5.

The Samajwadi Pension Scheme will cover 12 lakh SC/ST families as well as 10 lakh minority and 18 lakh poor families, the state government has announced.

On Friday, the government spokesman said the chief minister will launch the scheme at the Janeshwar Mishra park in Gomti Nagar by giving pension cards to the first lot of beneficiaries.

Under the scheme, the head of the beneficiary family will be entitled to Rs.500 per month in the first year of the scheme. Between the second and the sixth year, there are provisions of increasing the pension amount by Rs.50 per year.

For instance, a beneficiary will get Rs.550 per month in the year 2015-16 and by the end of the sixth year, the amount stablize at Rs.750 per month, the spokesman added.