- this Scheme is being implemented by the Agricultural and Agrarian Insurance Board under the Farmers' Pension and Social Security Benefit Scheme Act, No.12 of 1987. The total number of members who joined this Scheme is 959,254 and as at 01st January 2014 the number entitled to receive pension benefits is 128,659. In keeping with the budget proposals, 2014, action will be initiated to effect the payment of the new Pension Scheme for farmers, the salient features of which are as follows:

* pension to be paid at the age of 64 years, subject to a minimum monthly pension of Rs.1,250/- and a maximum pension of Rs.5,000/- during the entire lifespan of the retired farmers;
* Rs.1000 million allocated initially from the 2014 budget and similar allocations to be made annually during the next few years;
* measures to be taken for long term sustainability of the Farmers' Pension Fund through contributions from farmers;
* contributors for the previous Farmers' Pension Scheme to be absorbed into the new Scheme and make pension payments; and
* to give legal effect to the amendments through a Gazette Notification.

The above proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, was approved by the Cabinet.