Farmers to contribute Rs 100 per month under PM-Kisan Pension for fixed monthly pension of Rs 3,000

New Delhi: Small and marginal farmers will have to contribute Rs 100 per month under the Pradhan Mantri Kisan Pension Yojana that aims to provide minimum fixed monthly pension of Rs 3,000 on attainment of 60 years, according to the government.

The beneficiary can opt to become member of the scheme by subscribing to a pension fund. The beneficiary would be required to contribute Rs. 100 per month at median entry age of 29 years. The Central government shall also contribute to the Pension Fund in equal amount.

Contribution shall be made to a Pension Fund managed by the LIC which will be responsible for the pension pay out. Under the scheme farmers can also opt to allow contribution to be made directly from the benefits drawn from the PM-KISAN scheme. There will be an online grievance redressal system for complete transparency.

Under this scheme a minimum fixed pension of Rs 3000 per month will be provided to the eligible small and marginal farmers subject to certain exclusion causes on attaining the age of 60 years. The scheme aims to cover around 5 crore beneficiaries in the first three years. It will be a voluntary and contributory pension scheme with entry age of 18 to 40 years.

Union Minister for Agriculture and Farmers Welfare Narendra Singh Tomar  chaired a meeting with Agriculture Ministers of all States/UTs via Video Conference on Thursday and discussed the implementation of three key schemes of Government of India namely Pradhan Mantri Kisan Samman Nidhi Yojna (PM-Kisan), Pension Scheme for Small and Marginal Farmers and Kisan Credit Card Campaign.

Tomar has urged all States/UTs to expedite the process of enrolment of all eligible farmer families/ beneficiaries in a time bound manner so that the benefit under PM-KISAN for the period from April to July, 2019 can be transferred directly to their bank accounts.

The Minister also informed all States/UTs regarding rolling out of Pension Scheme for Farmers belonging to the age group of 18-40 years. He also requested all States/ UTs to create awareness about the Pension Scheme.