The Pradhan Mantri Kisan Maan-dhan Yojana (PM-KMY) is a pension scheme for small and marginal farmers of the country. The scheme was launched by the Government of India in September 2019 to provide social security to farmers.
Under this scheme, farmers between the ages of 18 to 40 years, who have cultivable land up to 2 hectares of land, will be eligible to apply for the pension scheme. Farmers have to make monthly contribution starting from Rs. 55 to Rs. 200 per month and the amount of pension ranges from Rs. 3000 to Rs. 5000 per month, after attaining the age of 60 years.
The PM-KMY scheme aims at providing financial assistance to farmers by ensuring security in their old age. The central government will contribute an equal amount as the farmer’s contribution to the pension fund every month. Also, farmers who are already receiving benefits under the Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) scheme are not eligible to apply for this scheme.
The PM-KMY scheme will be implemented through the Life Insurance Corporation of India (LIC), which will provide pension to the beneficiaries. The pension is provided through direct benefit transfer (DBT) to the beneficiary’s bank account.
To qualify for the scheme, farmers need to submit a few essential documents, such as their Aadhaar Card, Savings Bank account details, cultivated land documents, and mobile number, to the nearest Common Service Center (CSC).
In conclusion, the Pradhan Mantri Kisan Maan-dhan Yojana is an excellent initiative taken by the Government of India to provide social security to small and marginal farmers. The scheme is expected to benefit more than 5 crore farmers across the country. It is a sure way to provide financial stability to our farmers in their old age and shall help in boosting their morale. The scheme is an essential step towards the welfare of farmers and ensuring their sustainable growth.