Viewing to provide social security to the farmers, Centre stages the pension scheme for Small and Marginal Farmers

New Delhi, June 21: Evolving to provide social security pension of Rs 3,000 per month to farmers above the age of 60 years, the centre has approved a pension scheme for all Small and Marginal Farmers (SMF), subject to certain exclusion clauses amid the Rajya Sabha session on Friday.

 

 

“This is with a view to provide social security net as they have minimal or no savings to provide for old age and to support them in the event of consequent loss of livelihood”, said Agriculture Minister Narendra Singh Tomar while addressing the Upper House.

 

"The scheme provides for payment of a minimum fixed pension of Rs 3,000 per month to eligible farmers on attaining the age of 60 years. It is a voluntary and contributory pension scheme, with entry age of 18 to 40 years. The beneficiary can opt to become member of the Scheme by subscribing to a Pension Fund, managed by the Life Insurance Corporation (LIC)," he added in a written reply.

 

Citing an example on how the scheme works, he said the beneficiary is required to contribute Rs 100 per month in the pension fund at median entry age of 29 years, with matching contribution of Rs 100 by the Central Government.

 

“An amount of Rs 10,774.50 crore is expected for implementation of the scheme upto the Financial Year 2021-22”, he signed off. The scheme provides for utilization of services of Common Service Centres or alternatively the State Nodal Officers of the State and UT Governments under PM-Kisan Scheme for enrolment of farmers.