In the 1st cabinet meeting of Modi 2.0 government, the cabinet committee has decided to provide pension coverage to crores of farmers. This landmark decision to implement PM Modi’s Farmers Pension Scheme would secure lives of around 5 crore farmers in next 3 years. PM Kisan Pension Scheme in addition to extended PM Kisan Samman Nidhi Yojana would ease economic burden and lead to greater efficiency.
PM Farmer Pension Scheme would be a new central sector scheme which will empower farmers across India. This is a path breaking scheme to provide pension cover to our industrious farmers who toil day and night to keep our nation fed.
It is for the 1st time since independence that a Pension Scheme for Farmers in India has been envisioned by any central government.
PM Modi Farmers Pension Scheme 2019
As per an estimate, around 5 crore small and marginal farmers would get benefited in the first 3 years of PM Farmers Pension Scheme implementation. The central government would spend Rs. 10774.50 crore for a period of 3 years under PM Kisan Pension Yojana. This amount would be towards the govt’s contribution (matching share) for providing social security cover as envisaged under the PM Modi Farmer Pension Scheme.
PM Kisan Pension Yojana Features
The salient features of PM Modi Kisan Pension Yojana 2019 are as follows:-
- PM Kisan Pension Scheme would be a voluntary and contributory pension scheme for all small and marginal farmers (SMF) across the country.
- The farmers must belong to the age group of 18 to 40 years.
- There is a provision of minimum fixed pension of Rs. 3,000 on attaining the age of 60 years.
- For eg – a beneficiary farmer is required to contribute Rs 100 per month at median entry age of 29 years. The central govt. shall also make contribution to pension fund an equal amount as contributed by the eligible farmer.
- After the subscriber’s death, while receiving pension the spouse of SMF beneficiary would receive 50% of pension received by beneficiary as family pension. For this, he / she must not already be an SMF beneficiary of the PM Kisan Pension Scheme.
In case the death of the subscriber happens during the period of contribution, then spouse shall have the option of continuing the scheme by paying regular contribution or terminating it.
Synergy b/w PM Farmer Pension Scheme & PM Kisan Samman Nidhi Yojana
There would be complete synergy between PM Farmer Pension Scheme & PM Kisan Nidhi Yojana. The striking feature is that the farmers can opt to allow his / her monthly contribution to the PM Farmer Pension Scheme to be made from the benefits drawn from Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme directly.
As an alternate method, a farmer can pay his monthly contribution by registering through Common Service Centres (CSCs) under MeitY.
PM Kisan Pension Scheme Approval
For the past 70 years after independence, such a coverage for farmers was never thought. In the run up to the Lok Sabha Elections 2019, PM Narendra Modi has mooted this idea to find resonance across the length and breadth of India. After the huge win in the LS elections and after taking oath, PM in his 1st cabinet meeting has approved the PM Farmers Pension Scheme.