New Delhi: Pradhan Mantri Kisan Maan Dhan Yojana (PMKMY) is a government scheme meant for old age protection and social security to a section of farmers. The scheme was introduced to provide social security to all landholding Small and Marginal Farmers in the country. The scheme ensures a fixed pension of Rs 3,000/- per month to all eligible small and marginal farmers.
The central government launched it as a voluntary and contribution based pension scheme. Pension is paid to the farmers from a Pension Fund managed by the Life Insurance Corporation of India.
PM Kisan Mandhan Yojana eligibility
The central government controlled scheme allows farmers from the age of 18 years to 40 years to join the scheme. Farmers will have to contribute an amount between Rs 55 to Rs 200 per month in the Pension Fund till they reach the age of 60 years. As per the rules, the central government will make contribute a same amount in the pension fund.
Notably, the government has allowed the wives of the Small and Marginal farmers to join the
scheme separately. They will also be entitled to get a separate pension of Rs 3000/ when they reach the age of 60 years.
In case the account holder dies after the retirement date, the spouse will receive 50 per cent of
the pension i.e. Rs 1500 per month as Family Pension.
If the farmer is enrolled in the PM-KISAN Scheme, the individual can ask the contribution to be directly paid from the same bank account in which he/she receives the PM-Kisan benefit.
“Since the maximum age for enrollment limit is 40 years and minimum fixed pension of Rs 3000/- per month will be due once the enrolled farmers attain the age of 60. Hence, the benefits of the Scheme shall be available only after a minimum period of 20 years,” this information was given in a written reply by the Union Minister of Agriculture and Farmers Welfare Shri Narendra Singh Tomar in Lok Sabha.
The objective of Pradhan Mantri Kisan Maan Dhan Yojana (PMKMY) Scheme is to provide social security net for the Small and Marginal Farmers (SMF) by way of pension. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
