Farmers will have to contribute 100 rupees per month under the Pradhan Mantri Kisan Pension Yojana that seeks to provide a minimum fixed monthly pension of 3,000 rupees on the attainment of 60 years.
The central government will also contribute an equal amount to the pension fund to be managed by the LIC, which will be responsible for the pension payout. The government in its first cabinet meeting had approved a separate pension scheme for farmers with an aim to cover 5 crore beneficiaries in the first three years.
Discussing the new scheme with state agriculture ministers through a video conference, Union Agriculture Minister Narendra Singh Tomar urged all states and union territories to roll out the programme at the earliest.
He urged the states to start enrolling farmers in the age group of 18-40 years besides taking measures to create awareness about the scheme. He urged all states and UTs to expedite farmers’ enrolment process so they get the benefit under PM-Kisan and requested them to create awareness of the Pension scheme for farmers.