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Small Farmers Welfare Fund (Under the aegis of the Ministry of Agro Industry and Food Security)
Small Farmers Welfare Fund>SFWF Schemes>Farmers' Pension Scheme (FPS)

Farmers' Pension Scheme (FPS)

Objective:
To provide pension benefits to small farmers for an assured income a secured retirement in their old age.
 
Features:
§  The SFWF introduced two Farmers’ Pension Plans for registered farmers as follows:
o    The Self Employed Contributory Pension Scheme (SECPS) by the National Pensions Fund (NPF)
o    The Small Farmers Welfare Fund Pension Scheme by the State Insurance Company of Mauritius (SICOM)
 
 
(I)           Self Employed Contributory Pension Scheme (SECPS)
 (1) The Self Employed Contributory Pension Scheme (SECPS) is open to registered farmers as well as their spouses and children of 18 years or above engaged in farming.
(2) Contribution - The Pension contribution ranges from Rs 100 to Rs 640 per month.
Example of estimated pension benefits for a monthly contribution of Rs640.
Contribution
Rs 640/month
Actual Age
25
Retirement Age
65
No of Years of Contribution
40 years (i.e 65-25)
Estimated Monthly Pension at retirement age
Rs 15,255
 
        (3) Benefits:
           The benefits attached with the SECPS are:
      o     Widow’s Pension
      o     Orphan’s Pension
      o     Disability Pension
      o     Beneficiary Pension
 
 
(II)           Small Farmers Welfare Fund Pension Scheme
(1) This Pension Scheme is run by the State Insurance Company of Mauritius (SICOM) and is meant for registered small farmers registered with the SFWF holding a valid planter’s/breeder’s card as well as husband/wife and children of 18 years or above.This Pension Scheme is run by the State Insurance Company of Mauritius (SICOM) and is meant for registered small farmers registered with the SFWF holding a valid planter’s/breeder’s card as well as husband/wife and children of 18 years or above. 
(2) The Contribution
·         Minimum pension amount payable is 200 rupees per month including life cover with the opportunity to contribute an additional sum to obtain a higher pension. There is no maximum ceiling on level of contribution.
·         Farmers can opt to pay for an additional contribution for an insurance cover in case of permanent disability.
 
       (3)  Benefits and Pension is payable:
       a)   The planter can receive the money either through a lump sum or as a monthly pension.
b)     Pension compulsory at age of retirement fixed at 65 years.
c)    Pension as from the age of 50.
d)     In case of death.
e)    In case of complete and permanent disability.
 
SICOM
 
Example of estimated pension benefits payable for a monthly contribution of Rs 200.
 
Contribution
Rs 200/month
Actual Age
25
Retirement Age
65
No of Years of Contribution
40years (i.e 65-25)
Monthly Gross Pension
Rs 5,169
Lump Sum
Rs 155,066
Monthly Reduced Pension
Rs 3,877
 
 
 
Comparison Table
 
 
NPF
SICOM
1
  Features
(i)  The Pension Scheme is subsidized to the tune of 50% by the NPF, that is, for each Rs 100 contributed by the planter, the NPF contributes Rs 50.
(ii) The contribution payable ranges from a minimum of
Rs 100 to a maximum of Rs 640.
(i) The minimum contribution payable is Rs 200. There is no maximum contribution as the planter can contribute any amount affordable to him so as to obtain the desired pension at retirement.
2
  Benefits
(i)     Monthly pension or lump sum at retirement.
(ii)     Widow and Orphan pension in case of death before retirement.
              (iii) Disability pension in case of disability before retirement age.
 
Eligibility:
1. The farmer must be registered with the Fund.The farmer must be registered with the Fund.
2.  Age limit for entry from 18 to 55 years
 
Mode of Application:
Eligible Farmers must submit their duly filled application form  together with the following documents at the Small Farmers Welfare Fund Head Office or at its Sub-Offices.