Modi 2.0 cabinet chaired by Prime Minister Narendra Modi in June 2019, has approved Pradhan Mantri Kisan Pension Yojana Scheme.
Pradhan Mantri Kisan Pension Yojana is a new Central Sector Scheme (CSS), to provide pension cover to farmers.
Pradhan Mantri Kisan Pension Yojana Scheme is a voluntary and contributory pension scheme for all Small and Marginal Farmers (SMF) across the country.
Pradhan Mantri Kisan Pension Yojana Scheme eligibility entry age of 18 to 40 years with provision of minimum fixed pension of Rs.3,000 on attaining the age of 60 years.
Under Pradhan Mantri Kisan Pension Yojana Scheme, a beneficiary farmer is required to contribute Rs 100 per month at the median entry age of 29 years. Central Government will also contribute to the Pension Fund an equal amount as contributed by an eligible farmer.
After subscriber’s death (while receiving pension), spouse of SMF beneficiary is entitled to receive 50% of pension received by the beneficiary as a family pension, provided he/she is not already an SMF beneficiary of this scheme. In case of death of subscriber happens during a period of contribution, the spouse shall have the option of the continuing scheme by paying a regular contribution.
The link between PM Kisan Scheme: Beneficiary farmers of this scheme can opt to allow his/her monthly contribution to be made from benefits drawn from Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme directly.
Also, the beneficiary farmer can pay his monthly contribution by registering through Common Service Centres (CSCs) under the Union Ministry of Information and Technology (MeitY).