After  Unorganised Sector Workers, Modi Government Now Launches Pension Scheme For FarmersIndian farmer Babu walks with a shovel through his rice field near Amritsar, Punjab. (NARINDER NANU/AFP/Getty Images)

After launching an ambitious scheme to provide pensions to the country’s 45 crore unorganised sector workers, the government has now launched Pradhan Mantri Kisan Maan Dhan Yojana for providing pensions to farmers.

Registration for the scheme are now open and Union Minister for Agriculture & Farmers Welfare, Narendra Singh Tomar urged all farmers to join the scheme.

The scheme is voluntary and contributory for farmers in the entry age group of 18 to 40 years and a monthly pension of Rs 3000 will be provided to them on attaining the age of 60 years. Life Insurance Corporation of India (LIC) has been roped in as the Pension Fund Manager for the scheme.

The farmers will have to make a monthly contribution of Rs 55 to Rs 200, depending on their age of entry, in the pension fund till they reach the retirement date i.e. the age of 60 years. The Central Government will also make an equal contribution of the same amount in the pension fund.

The spouse is also eligible to get a separate pension of Rs 3000 upon making separate contributions to the fund. In case of death of the farmer before retirement date, the spouse may continue in the scheme by paying the remaining contributions till the remaining age of the deceased farmer. If the farmer dies after the retirement date, the spouse will receive 50 per cent of the pension as Family Pension.

Speaking on another scheme for farmers, the PM-KISAN under which DBT of Rs 6,000 per year is done to farmers holding land, the minister said that till date, 5,88,77,194 and 3,40,93,837 farmers’ families have availed first and second instalments respectively under the scheme. He expressed hope that the number will go upto 10 crore by the year end.

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