PM Kisan Pension Scheme: Farmers’ contribution to be Rs 100 per month

The central government plans to launch a village-level campaign to enroll an additional one crore farmers in Kisan Credit Card (KCC) scheme over the next 100 days. The scheme urged States to ensure wider coverage of the Pradhan Mantri Kisan Samman Nidhi Yojna (PM-Kisan) and pension schemes Currently, there are about 6.92 crore KCC holders.

Around 14.5 crore operational landholdings farmers eligible for an agricultural loan of up to ₹1.6 lakh. Among the major States that have poor KCC penetration are Bihar, Chhattisgarh, Gujarat, Jharkhand, Maharashtra, and West Bengal.

Key Highlights-

1. PM Kisan is a Centrally-sponsored income support scheme for farmers which would give them ₹6,000 a year in three equal installments.
2. The scheme extended to all farmers, irrespective of the size of landholdings.
3. The pension scheme would give ₹3,000 monthly to small and marginal farmers from the age of 60 between 18 and 40 years of age.

Farmers will have to contribute ₹100 per month under the Pradhan Mantri Kisan Pension Yojana for the monthly pension. The Centre will match the farmers contributed to the pension fund to be managed by the LIC. The cabinet approved a separate pension scheme for farmers which covers five crore beneficiaries in the first three years, It costs around ₹10,774.5 crore per annum. Farmers to allow the contribution to be made directly from the benefits drawn from the PM-Kisan scheme.

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