Government Approves Farmers Pension Scheme ‘Pradhan Mantri Kisan Pension Yojana’
- Indian Government, under the chairmanship of Prime Minister Narendra Modi, approved a new scheme called Pradhan Mantri Kisan Pension Yojana on May 31, 2019.
- It is a voluntary and contributory pension scheme to cover all small and marginal farmers across the country.
- A similar scheme has also been approved for small shopkeepers, self-employed persons and retail traders with GST turnover of Rs 1.5 crore.
Salient Features of the scheme:
- Minimum age to join the scheme- 18
- Maximum age – 40
- Upon attaining the age of 60, farmers will get a minimum fixed pension of Rs 3000 per month.
- Initially, the scheme will cover 5 crore farmers in the first 3 years.
- The central government will contribute an equal amount to the pension fund at the rate of the sum contributed by each age group of beneficiary.
- In case of the death of the beneficiary, the spouse will get 50% of the amount.