Pension Coverage to Crores of Farmers

Cabinet has approved a new Central Sector Scheme to empower farmers across India. The Central Government would spend ₹ 10774.50 crore for a period of 3 years towards its contribution (matching share) for providing social security cover as envisaged under the scheme.

Approx. 5 crore small and marginal farmers will benefit in the first three years itself.

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Overview

  • This pension scheme covers all Small and Marginal Farmers (SMF) across the country.
  • Entry age of 18 to 40 years with a provision of min. fixed pension of ₹ 3000⟋- on attaining the age of 60 years.
  • A beneficiary farmer is required to contribute ₹ 100⟋ - per month at median entry age of 29 years. The Central Government shall contribute to the Pension Fund an equal amount as contributed by the eligible farmer.
  • After the subscriber՚s death, while receiving pension, the spouse of the SMF beneficiary shall be entitled to receive 50% of the pension received by the beneficiary as family pension, provided he⟋she is not already an SMF beneficiary of the Scheme.
  • If the death of the subscriber happens during the period of contribution, the spouse shall have the option of continuing the Scheme by paying regular contribution.
  • Farmers can opt to allow his⟋her monthly contribution to the Scheme to be made from the benefits drawn from the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme directly.
  • Alternatively, a farmer can pay his monthly contribution by registering through Common Service Centres (CSCs) under MeitY.

Examrace Team at Aug 6, 2019