Krishi VaartaOutlook Agriculture
From August 15, you will be able to deposit premium for 'Kisan Pension Scheme'
New Delhi. The farmers will have to pay a premium for the 'Pradhan Mantri Kisan Pension Yojana', which the central government is going to start from August 15. Farmers from 18 to 40 years can apply for the farmers' pension scheme. In this scheme, after age 60, farmers will get pension up to Rs 3,000 per month. For farmers, the scheme will be completely voluntary. The Secretary of Agriculture has written to the state governments and directed them to make arrangements for the implementation of the scheme.
Under the scheme, Life Insurance Corporation of India (LIC) will manage the farmers' pension fund. Under this pension scheme, a provision has been made to provide Rs 3,000 monthly pension to the farmers after the age of 60 years. Under this scheme, 5 crore beneficiaries are to be included in the first three years. This will cost the government exchequer about Rs 10,774.5 crore annually.
Half of the premium will be borne by the farmers and half by the government. Registration will start from next week. The central government will take full responsibility for this, and no financial burden will be imposed on the state governments.
Source - Outlook Agriculture, 3 August 2019
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