Modi govt approves pension scheme for farmers and small traders

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Modi govt approves pension scheme for farmers and small traders

G Plus News | June 03, 2019 15:27 hrs

GUWAHATI: In its first cabinet meeting, the newly-inducted Modi government has approved a slew of new plans, including two pension schemes each for the farmers and small traders.

The first cabinet meeting was held at the Prime Minister's Office in South Block on May 31.

The latest approval will result in the extension of the PM-KISAN scheme to all 14.5 crore farmers across the country.

Agriculture Minister Narendra Singh Tomar said that the union cabinet has


approved a scheme that will provide pension cover and empower all the industrious farmers across India.


 
The scheme is estimated to benefit 5 crore small and marginal farmers in the first three years of its implementation. The central govt will spend Rs. 100744.50 crore for a period of 3 years towards its contribution (matching share) for providing social security cover as envisaged under the scheme.

Tomar also said that the cabinet approved the Pradhan Mantri Kisan Pension Yojana under which small and marginal farmers will get a minimum fixed pension of Rs 3,000 per month on attaining the age of 60.

The government also approved a new scheme, which assures a minimum monthly pension of Rs 3,000 to all shopkeepers, retail traders and self-employed persons after attaining the age of 60.

"All shopkeepers and self-employed persons, as well as retail traders with GST turnover below Rs 1.5 crore and aged between 18-40 years, can enrol for the scheme," an official statement said.

Interested persons can enrol themselves through 3.25 lakh common service centres spread across the country. The government will make a matching contribution in the subscribers' account, the statement added.

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File photo of the cabinet meet

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