Top 5 Features Of Pradhan Mantri Kisan Mandhan Yojana
Updated On Dec 12, 2021
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The government launched the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) to give social security to small and marginal farmers as they age. Farming necessitates long hours in the fields, and doing agricultural labour as an elderly person is difficult. The PM-KMY provides financial help to elderly farmers who don’t have a source of income and have little or no savings to cover their respective costs.
Although the government provided income and price assistance to farmers, still there was a need to establish a social security net for farmers as they become older, as this may result in a loss of livelihood. As a result, the government created the PM-KMY to offer guaranteed monthly pensions to old age small and marginal farmers, regardless of gender, who reach the age of 60. To know more about Pradhan Mantri Kisan Maan Dhan Yojana, read on.
Features Of PM-KMY
Following are some of the features of PM-KMY -
- The PM-KMY is overseen by the Ministry of Agriculture and Farmers' Welfare's Department of Agriculture, Cooperation, and Farmers Welfare, in collaboration with the Life Insurance Corporation of India (LIC).
- The LIC is the Pension Fund Manager and it is in charge of pension benefits under the PM-KMY.
- For all landholding small and marginal farmers in India, the PM-KMY is a regular and voluntary contribution-based pension scheme.
- Small and marginal farmers have the option of paying their voluntary donations to the PM-KMY automatically from the PM-KISAN scheme's cash advantages.
- Under the PM-KMY, the Central Government contributes the same amount to the pension fund as the qualifying farmer does through the Department of Agriculture Cooperation and Farmers Welfare.
Benefits Of PM-KMY
On reaching 60 years of age, small and marginal farmers are entitled to a minimum fixed pension of Rs.3,000 per month under the PM-KMY, subject to specific exclusion conditions. It's a voluntary contribution-based pension plan. Farmers who are qualified must contribute a monthly amount ranging from Rs.55 to Rs.200 to a Pension Fund, based on their entrance age.
The Central Government additionally invests an equivalent amount towards the Pension Fund as the farmers do. When a qualified farmer dies, their spouse is entitled to receive half of the income as a family pension. On the other hand, the family pension is solely available to the farmer's spouse.
Eligibility Criteria For PM-KMY
Following is the eligibility criteria for PM-KMY -
- According to the land records of the relevant State/UT, small and marginal farmers hold cultivable lands up to 2 hectares.
- A farmer’s age should range between 18-40.
- Possession of 2 hectares or less of cultivable land that should be recorded in the state land records.
- Individuals should not be covered by any other government or semi-government programmes, such as the NPS (National Pension Scheme), EFO (Employee Fund Organization Scheme), or ESIC (Employee State Insurance Corporation Scheme), and so on.
Who Are Ineligible For PM-KMY?
Following are the categories of farmers are excluded under PM-KMY -
- Institutional Land owners
- Constitutional Post holders- Former or Present
- Former or Present- Ministers, State Ministers, Members of Lok Sabha, Members of Rajya Sabha, Members of State Legislative assemblies/councils, Mayors of Municipal Corporation, Chairperson of District Panchayat
- Employees of autonomous institutions under the Government
- Employees of autonomous institutions under the Government, serving or retired - Officers and Employees of Central Govt. Ministries, State Govt. Ministries, Regular Employees of Local Bodies
- Professionals who paid income tax in the last assessment year like Doctors, Engineers, Lawyers, CAs, Architects- all who paid income tax in the last assessment year
Ranchi, Jharkhand, hosted the opening of the Pradhan Mantri Kisan Maan Dhan Yojana. This is a government-run scheme that is handled in collaboration with the Life Insurance Corporation of India (LIC). This programme is open to all small and marginal farmers. The contribution ratio that they and the Union Government must make under this Yojana is 1:1. The government contribution under the PM-KMY Scheme is equivalent to the farmer's monthly contribution.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.