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The farmers' pension and social security benefit sc heme (FPSS) which was introduced in 1987 under the Parliament A ct No: 12 in 1987, plays a vital role in farmer rehabilitation and welfare. However, as revealed by the official records, the scheme is financially unsusta inable and socially less acceptable. Therefore necessary adjustments for the premium payment structure are needed in order to continue this farm er welfare programme. With this background, the aim of this study is to d evelop an income-based premium payment scheme, as an alternative to the pr esent scheme. The new premium payment scheme is developed using t he Sri Lanka Integrated Survey (SLIS) data following the approac hes suggested by Shetty (1971). A field survey was conducted in Kurunegala district to assess the farmers' willingness to pay for the proposed scheme . A probit model was also fitted to find out the factors affecting the decision on willingness to make higher premiums. The study revealed that 49% of the respondents are willing to pay for the new income-based scheme. Mean willingness to p ay is Rs. 922.00. The analysis further revealed that decision on willingn ess to pay depends on the age, civil status, occupation and the membership in any other insurance scheme and its' contribution. The study further fou nd the present premium payment scheme can be revised with a different prem ium and pension payments that can be chosen irrespective of the con tributor's age.

An Alternative Premium Payment Method to Finance the Farmers’ Pension and Social Security Benefit Scheme