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<KNOW PRADHAN MANTRI KISAN MAAN-DHAN YOJANA (PM-KMY)
August 5, 2020 • jainendra joshi • UNIVERSAL

PRADHAN MANTRI KISAN MAAN-DHAN YOJANA (PM-KMY)

SALIENT FEATURES

• Pradhan Mantri Kisan Maan-Dhan Yojana has been started to provide social security to all landholding Small and Marginal Farmers in the country.

These farmers have minimal or no savings and also do not have any source of livelihood when they reach old age.

The scheme aims to help them live a healthy and happy life after they reach their old age

. 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 up to 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 a separate pension of Rs.3000/ when they reach the age of 60 years.

. The farmers who have joined the scheme may also leave the scheme later if they do not wish to continue for any reason. Their contributions to the Pension Fund will be returned to them along with interest

. In case of the unfortunate death of the farmer before retirement date, the spouse may continue in the scheme by paying the remaining contributions till the remaining age of the deceased farmer.