Pradhan Mantri Kisan Maan-Dhan Yojana | 13 Aug 2019

Recently the central government has started the registration of beneficiaries under the pension scheme for farmers i.e. Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY).

Salient Features

  • The scheme has been started to provide social security to all landholding Small and Marginal Farmers (farmers whose land holdings are less than two hectares of land in the country).
  • Under this scheme, a fixed pension of Rs.3,000/- will be provided to all eligible small and marginal farmers.
  • It is a voluntary and contribution based pension scheme.
  • Pension will be paid to the farmers from a Pension Fund managed by the Life Insurance Corporation of India.
  • Farmers will have to contribute an amount between Rs.55 to Rs.200 per month in the Pension Fund till they reach the retirement date i.e. the age of 60 years.
  • The Central Government will also make an equal contribution of the same amount in the pension fund.
  • Those farmers who are of the age of 18 years and above and upto 40 years are eligible to join the scheme.
  • Spouses of the Small and Marginal farmers are also eligible to join the scheme separately and they will also get separate pension of Rs.3000 when they reach the age of 60 years.
  • The eligible farmers can enroll in the scheme at the nearest Common Service Centre (CSC).
  • It can be noted that, to augment the income of the Small and Marginal Farmers (SMFs), the government has recently launched the new Central Sector Scheme, namely, “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)’’.

Source: BS