The government has evolved a new scheme to provide social security pension of Rs 3,000 per month to farmers above the age of 60 years, the Rajya Sabha was informed Friday.
Agriculture Minister Narendra Singh Tomar said the government has approved a pension scheme for all small and marginal farmers (SMF), subject to certain exclusion clauses, 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.
"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)," the minister said 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.
The scheme, the minister said, provides for utilization of services of Common Service Centres (CSCs e-Governance Services India Ltd) or alternatively the State Nodal Officers of the State/UT Governments under PM-Kisan Scheme for enrolment of farmers.
An amount of Rs 10,774.50 crore is expected for implementation of the scheme upto the Financial Year 2021-22, he further said.