The Union Cabinet, chaired by Prime Minister Narendra Modi has approved a new Central Sector Scheme on Saturday which is being held as a historic decision that will empower farmers across India. The scheme will provide pension cover to farmers.
It is also for the first time since independence that such pension coverage has been envisioned for farmers, reads a PIB release.
It is estimated that 5 crore small and marginal farmers will benefit in the first three years. The Central Government would spend Rs 10774.50 crore for a period of 3 years towards its contribution (matching share) for providing social security cover as envisaged under the scheme.
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.
