Pension Coverage For All Small And Marginal Farmers (SMF)

Pension Coverage For All Small And Marginal Farmers (SMF)

Updated on 2 June, 2019

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This article tells about the small and marginal farmers (SMF)
  • The Union Cabinet has approved, a new Central Sector Scheme, that will provide pension cover to farmers.
  • The Central Government would spend Rs. 10774.50 crore for a period of 3 years towards its contribution for providing social security cover as envisaged under the scheme.
The salient features of this scheme are:
  • It would be a voluntary and contributory pension scheme for all Small and Marginal Farmers (SMF) across the country.
  • Entry age of 18 to 40 years with a provision of minimum fixed pension of Rs.3,000/- on attaining the age of 60 years.
  • A beneficiary farmer is required to contribute a certain sum per month. The Central Government shall also contribute to the Pension Fund an equal amount as contributed by the eligible farmer.
  • A farmer can pay his monthly contribution by registering through Common Service Centres (CSCs) under MeitY.
  • Farmers can also opt to allow his/her monthly contribution to the Scheme to be made from the benefits drawn from the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme
It is also for the first time since independence that such a pension coverage has been envisioned for farmers. This scheme, in addition to PM-KISAN monetary support, will ease the economic burden and lead to greater efficiency and will subsequently empower farmers across India. Also read: BIMSTEC Heads Invited to PM’s Swearing-in New Version of Akash Missile Test-Fired Successfully Source  

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