The Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) is a scheme launched by the Government of India in 2019. The scheme aims to provide social security benefits and financial assistance to small and marginal farmers in the country. The scheme primarily focuses on ensuring a secure future for the farmers after their retirement.
The scheme is a voluntary and contributory pension scheme for all small and marginal farmers across the country. According to the scheme, farmers between the ages of 18 and 40 years can register for this scheme. The government will match the registered farmer’s monthly contribution in this pension scheme. The scheme allows the farmers to save regularly during their working years, which would enable them to receive a pension in their old age.
Under the PM-KMY scheme, farmers can contribute a minimum of Rs.55 to a maximum of Rs.200 per month. The scheme guarantees a minimum pension of Rs.3,000 per month to the farmers after they attain the age of 60 years. The government will also provide an equal amount of contribution to the pension fund. Farmers who are beneficiaries of other pension schemes such as Employees’ Pension Scheme (EPS) and National Pension System (NPS) are not eligible for this scheme.
The main objective of this scheme is to provide income security to small and marginal farmers during their old age. The scheme will also promote financial independence and thereby reduce farmers’ dependence on their children or the government for their survival. The scheme will also encourage farmers to save as a habit and improve the farmers’ quality of life after retirement.
The PM-KMY scheme is expected to benefit around 5 crore small and marginal farmers in the country. The government aims to assist these farmers in their old age by providing financial security. The government has allocated Rs. 900 crore for this scheme in the Union Budget of 2019-20.
In conclusion, the Pradhan Mantri Kisan Maan Dhan Yojana is a remarkable scheme introduced by the Government of India to ensure social security and income security for small and marginal farmers in the country. The scheme guarantees minimum pension benefits to the farmers and will also reduce the dependency of farmers on their children for their survival in old age. The scheme is expected to play an instrumental role in enhancing the lives of farmers in India.