- Under the scheme, government will give pension of 3000 rupees to farmers who have crossed the age of 60 years
- Modi Government wants to bring 50 million farmers under the scheme in the first three years.
New Delhi. To avail the benefits of the Prime Minister Farmer Pension Scheme, the farmers will get a premium of Rs 100 per month. Farmers who take advantage of the scheme will get 3 thousand rupees monthly pension after completion of 60 years of age. The Government said that under the scheme, the Center will give equal share in pension fund. It will be managed by the Life Insurance Corporation of India (LIC).
Government will be burdened with Rs 10 thousand 774 crore
- After the government was formed again, a separate pension scheme has been approved for the farmers in the first meeting of the cabinet. The aim of the scheme is to bring 50 million farmers in its initial stages within the first three years. This will burden the government treasury with an annual budget of Rs.10774 crores.
- Union Agriculture Minister Narendra Singh Tomar asked all the States and Union Territories to implement it in the interaction with the State Agriculture Ministers about the new scheme through video conferencing.
- Tomar asked states to take steps to make the farmers aware about the scheme. Also, 18 to 40 year old farmers asked to register under the scheme.
- He told that if the farmer of 29 years of age joins this scheme he will have to pay 100 rupees. At the same time, this amount will be reduced when the age is low. This amount will increase when the age is over. The central government will also contribute so much to it.