PM Modi to launch farmers pension scheme tomorrow

Ranchi: Prime Minister Narendra Modi is all set to launch first of its kind pension scheme for small and marginalised farmers in Ranchi on Thursday with a subscriber base of more than 85 million.

Under the scheme, which was announced in the budget for 2019-20, the small and marginalised farmers will get a minimum pension of Rs 3000 per month on attaining the age of 60. Farmers aged 18 to 40 years will be eligible to apply for Kisan Maan Dhan Yojana.

The Central government will make an equal contribution of the same amount in the pension fund for farmers.

"Prime Minister Narendra Modi will launch this scheme. Earlier, he had launched the PM Kisan Samman Nidhi minimum income support scheme, which gives Rs 6,000 annually to farmers.

Like PM KISAN, through which we have reached out to around 85 million farmers so far, we expect to benefit more and more farmers through the pension scheme," said a senior agriculture department official, who did not wish to be identified.

Registration for the farmers' pension scheme was started on August 9. It offers a guaranteed income to farmers in their old age. Life Insurance of India (LIC) has been appointed insurer for this scheme.

The official said the farmers will have to make a monthly contribution of Rs 55-200, depending on the age of entry, in the pension fund till they reach the retirement date.

"The Central government will put in an equal contribution. This is an optional scheme," he said.