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- The Union Cabinet has approved a new Central Sector Scheme to provide pension cover to farmers.The pension scheme will be voluntary and contributory scheme for all Small and Marginal Farmers (SMF) across the country.
- There will be an entry age of 18 to 40 years with a provision of minimum fixed pension of Rs.3,000/- on attaining the age of 60 years.
- A beneficiary farmer is required to contribute Rs 100/ – per month at median entry age of 29 years.The Central Government shall also contribute to the Pension Fund an equal amount as contributed by the eligible farmer.
- After the subscriber’s death 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.
- Further,farmers can opt to allow his/her monthly contribution to the Scheme to be made from the benefits drawn from the PM-KISAN Scheme directly.
- Alternatively, a farmer can pay his monthly contribution by registering through Common Service Centres(CSCs) under Ministry of Electronics and Information Technology(MeitY).
- This scheme is estimated to benefit 5 crore small and marginal farmers in the first three years itself.This scheme in addition to PM-KISAN monetary support will ease economic burden and lead to greater efficiency for farmers.
- The government has defined a small and marginal landholder family as the one comprising of husband, wife and minor children up to 18 years of age, who collectively own cultivable land up to 2 hectare as per the land records of the concerned states.
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