Social Security For Small And Marginal Farmers: PM Modi To Launch Farmers Pension Scheme At Ranchi On 12 September

After launching an ambitious scheme to provide pensions to the country’s 45 crore unorganised sector workers, the government is set to launch the Pradhan Mantri Kisan Maan Dhan Yojana for providing pensions to farmers. The scheme will be launched by the Prime Minister (PM) in Ranchi on Thursday (12 September).

The scheme targets 5 crore small and medium farmers and has an outlay of Rs 10,774 crore over the next three years.

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

Those who opt for the scheme 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 farmers can make the contribution towards the scheme from their PM-KISAN installments or through the Common Service Centres (CSCs) in the areas.