KATHMANDU, May 24 -- The government is set to reduce the eligible age to receive an old-age allowance to 65 years from the existing 70 years at a time when the state treasury is feeling the heat of inadequate collection of government revenue.

The government is looking forward to introducing the provision in the next year's budget speech scheduled for May 29. Currently, a monthly old-age allowance of Rs 4,000 is given to senior citizens who have reached 70 years of age.

The Department of National Identity Card and Vital Registration reports that presently there are around 3.4 million beneficiaries of social security allowances in the country. The government currently spends about Rs 100 billion to provide social security, 20% of its annu...