Date & Time: 2019-06-22 00:28:51
The government has approved a pension scheme for all small and marginal farmers (SMF), subject to certain exclusion clauses, with a view to provide social security net as they have minimal or no savings to provide for old age and to support them in the event of consequent loss of livelihood. "The scheme provides for payment of a minimum fixed pension of Rs 3,000 per month to eligible farmers on attaining the age of 60 years. It is a voluntary and contributory pension scheme, with entry age 18 to 40 years. The beneficiary can opt to become member of the Scheme by subscribing to a Pension Fund, managed by the Life Insurance Corporation (LIC),"