Good news for farmers! Social security pension of Rs 3000 per month approved
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.
In a bid to provide social security for poor farmers, the government has evolved a new scheme to provide a pension of Rs 3,000 per month to farmers above the age of 60 years, said Agriculture Minister Narendra Singh Tomar, in a written reply to the Rajya Sabha. What other points were made by the minister are given here.
1. 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.
2. The minister was quoted as saying, "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)."
3. Citing an example on how the scheme works, the Agriculture Minister 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.
4. The scheme, he 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 enrollment of farmers.
5. According to Tomar, an amount of Rs 10,774.50 crore is expected for implementation of the scheme upto the Financial Year 2021-22.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
Top 7 Large and Mid Cap Mutual Funds with Best SIP Returns in 5 Years: No. 1 fund has turned Rs 15,000 monthly SIP investment into Rs 20,54,384; know about others
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
05:59 PM IST