New Delhi: For the benefit of the Prime Minister Farmer Pension Scheme, farmers will have to contribute an average of Rs 100 per month. Farmers who choose the scheme will get a monthly pension of Rs 3,000 per month on the completion of 60 years of age. The Government said that under this scheme, the Pension Fund will contribute to the farmers as well as their contributions. The Life Insurance Corporation (LIC) will manage this fund.
Separate pension plan approved for farmers
The new government led by PM Modi approved a separate pension scheme for farmers in the first meeting of the Cabinet. Its aim is to bring 50 million beneficiaries under the scheme in the first three years. This will burden the government treasury with an annual budget of 10,774.5 million rupees. Regarding the new scheme, with the State Agriculture Ministers discussing new through video conferencing, Union Agriculture Minister Narendra Singh Tomar asked all states and union territories to implement it as soon as possible.
Those who are 18 to 40 years old will be registered
According to a statement, Tomar urged the states to register the farmers between the ages of 18 and 40 years. Apart from this, he said to take action for awareness about the scheme. The Minister said that during the Prime Minister-Kisan Pension Scheme, the average age at the time of joining the beneficiary scheme is 29 years, then it will have to contribute 100 rupees a month.
This means that if the beneficiary is less than 29 then he will have to contribute less, and at the same time he will have to contribute a bit more if he is more than 29 years old. The central government will also contribute so much to it. Farmers can opt to directly contribute to the benefits received under Prime Minister-Kisan Yojana. The plan will be the online settlement system for the resolution of any complaint.