pradhan-mantri-kisan-mandhan-yojanapm-kmy

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)

  1. It is an old age pension scheme which is meant for all land holding Small and Marginal Farmers (SMFs) in the country.
  2. 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 :

  1. A voluntary and contribution-based pension scheme for farmers.
  2. The entry age group is fixed from 18 to 40 years
  3. Farmers will be provided a  monthly pension of Rs. 3000 once they attain the age of 60 years.
  4. 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.
  5. The Life Insurance Corporation of India (LIC) is entrusted with the management of Pension fund and also disbursement of pension.
  6.  In case the farmer dies before retirement date, the spouse is allowed to continue with the scheme.
  7. In case the farmer expires after the retirement date, the spouse is entitled to receive half of the pension as Family Pension.
    1. 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?

Inclusion

  • Small and Marginal farmer in the age group 18-40 years.
  • Farmer owning cultivable land up to 2 hectares.

Exclusion

  • Small and marginal farmers who are covered under any other social security schemes such as NPS, ESIC, PM Shram Yogi Maan Dhan Yojana.