Farmers will have to contribute Rs 100 per month under the Pradhan Mantri Kisan Pension Yojana that seeks to provide a minimum fixed monthly pension of Rs 3,000 on the attainment of 60 years, according to the government.
The central government will also contribute an equal amount to the pension fund to be managed by the LIC, which will be responsible for the pension payout, it said.
The Modi 2.0 government in its first cabinet meeting had approved a separate pension scheme for farmers with an aim to cover 5 crore beneficiaries in the first three years, which would cost the exchequer Rs 10,774.5 crore per annum.
Discussing the new scheme with state agriculture ministers through a video conference, Union Agriculture Minister Narendra Singh Tomar urged all states and union territories to roll out the programme at the earliest.
Tomar urged the states to start enrolling farmers in the age group of 18-40 years besides taking measures to create awareness about the scheme, an official statement said.
Under the PM-Kisan Pension, the minister said, "The beneficiary would be required to contribute Rs 100 per month at median entry age of 29 years."
The central government will also contribute an equal amount to the pension fund to be managed by the LIC, which will be responsible for the pension payout.
Under this scheme, a minimum fixed pension of Rs 3,000 per month will be provided to the eligible small and marginal farmers subject to certain exclusion causes on attaining the age of 60 years.
Farmers can also opt to allow contribution to be made directly from the benefits drawn from the PM-Kisan scheme. There will also be an online grievance redressal system for complete transparency.