Why is it in the news ?
The Prime Minister unveiled Pradhan Mantri Kisan Mandhan Yojana which is dedicated to the farmers.
Pradhan Mantri Kisan Mandhan Yojana (PM-KMY)
- It is an old age pension scheme which is meant for all land holding Small and Marginal Farmers (SMFs) in the country.
- It’s objective is to provide a social security net given that they have minimal savings to take care of themselves in old age.
Salient features of the scheme :
- A voluntary and contribution-based pension scheme for farmers.
- The entry age group is fixed from 18 to 40 years
- Farmers will be provided a monthly pension of Rs. 3000 once they attain the age of 60 years.
- A contribution of Rs 100 per month is required from the beneficiary when S(he) reaches 29 years of age, and also the same amount is contributed by the Central government.
- The Life Insurance Corporation of India (LIC) is entrusted with the management of Pension fund and also disbursement of pension.
- In case the farmer dies before retirement date, the spouse is allowed to continue with the scheme.
- In case the farmer expires after the retirement date, the spouse is entitled to receive half of the pension as Family Pension.
- Take another case, if the farmer and the spouse both die, the accrued pension shall be returned to Pension fund.
What are the Eligibility criteria?
- Small and Marginal farmer in the age group 18-40 years.
- Farmer owning cultivable land up to 2 hectares.
- Small and marginal farmers who are covered under any other social security schemes such as NPS, ESIC, PM Shram Yogi Maan Dhan Yojana.