Bulletin: Pradhan Mantri Kisan Pension Yojana
The Union Cabinet chaired by Prime Minister Narendra Modi has approved Pradhan Mantri Kisan Pension Yojana, a new Central Sector Scheme (CSS), to provide pension cover to farmers. This decision was taken at the first Cabinet meeting after formation of new Government (second term) of Modi Government.
Key Features of Scheme
- It is voluntary and contributory pension scheme for all Small and Marginal Farmers (SMF) across the country.
- Eligibility: Entry age of 18 to 40 years with provision of minimum fixed pension of Rs.3,000 on attaining the age of 60 years.
- Contribution: Beneficiary farmer of this scheme is required to contribute Rs 100 per month at median entry age of 29 years. Central Government will also contribute to Pension Fund an equal amount as contributed by eligible farmer.
- After subscriber’s death (while receiving pension), spouse of SMF beneficiary is entitled to receive 50% of pension received by beneficiary as family pension, provided he/she is not already an SMF beneficiary of this scheme. In case of death of subscriber happens during period of contribution, the spouse shall have the option of continuing scheme by paying regular contribution.
- Synergy between PM Kisan Scheme: Beneficiary farmers of this scheme can opt to allow his/her monthly contribution to be made from benefits drawn from Pradhan Mantri KisanSAmman Nidhi (PM-KISAN) Scheme directly. Alternatively, beneficiary farmer can pay his monthly contribution by registering through Common Service Centres (CSCs) under Union Ministry of Information and Technology (MeitY).
Categories: Government Schemes in India