Farmers have to pay Rs 100 per month under pension scheme

TIL Desk/Business/New Delhi/ Farmers in the country are expected to contribute Rs 100 per month under the Pradhan Mantri Kisan Pension Yojana that seeks to provide minimum monthly pension of Rs 3,000 on attainment of 60 years of age, the Union Agriculture Ministry said on Thursday.

In the first Cabinet meeting, the Modi 2.0 government had decided to extend PM-KISAN scheme to all 14.5 crore farmers in the country costing Rs 87,000 crore a year and also announced over Rs 10,000 crore pension scheme for five crore farmers, thereby fulfilling the BJP’s poll promise.

The pension scheme aims to cover around five crore beneficiaries in the first three years. It will be a voluntary and contributory pension scheme with entry age of 18 to 40 years. The beneficiary can opt to become member of the scheme by subscribing to a pension fund.

“The Central government shall also contribute to the Pension Fund in equal amount. Contribution shall be made to a Pension Fund managed by the LIC which will be responsible for the pension pay out,” said an official statement.