Pradhan Mantri Kisan Maan DhanYojana (PM-KMY)

Description

Context

More than 21.40 lakh farmers have so far joined the voluntary pension scheme for small and marginal farmers Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY), Union Agriculture Minister Narendra Singh Tomar said.

About

The Government launched the Pradhan Mantri Kisan Maan DhanYojana (PM-KMY) in 2019 with a view to provide social security to Small and Marginal Farmers in their old age when they have no means of livelihood and minimal or no savings to take care of their expenses.

Benefits

Under this scheme, a minimum fixed pension of Rs.3,000/- is provided to the small and marginal farmers, subject to certain exclusion criteria, on attaining the age of 60 years.
It is a voluntary and contributory pension scheme.
The eligible farmer is required to contribute to a Pension Fund between 55 to Rs.200 per month depending on the entry age. The Central Government also contributes in equal amount to the Pension Fund.

Eligibility

Small and Marginal Farmer (SMF) - a farmer who owns cultivable land upto 2 hectare as per land records of the concerned State/UT.
Age of 18- 40 years

Farmers who are not eligible for the scheme

SMFs covered under any other statuary social security schemes such as National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme, Employees’ Fund Organization Scheme etc.
Farmers who have opted for Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM) administered by the Ministry of Labour & Employment
Farmers who have opted for Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM) administered by the Ministry of Labour & Employment.
All Institutional Land holders; and
Former and present holders of constitutional posts
Former and present Ministers, Mayors of Municipal Corporations, former and present Chairpersons of District Panchayats.
All serving or retired officers and employees of Central/ State Government (Excluding Multi Tasking Staff / Class IV/Group D employees)
All Persons who paid Income Tax in last assessment year.
Professionals like Doctors, Engineers, Lawyers, Chartered Accountants, and Architects registered with Professional bodies and carrying out profession by undertaking practice.