(The Gist of PIB) Prime Minister Launches Pradhan Mantri Kisan Maan Dhan Yojana
(The Gist of PIB) Prime Minister Launches Pradhan Mantri Kisan Maan Dhan Yojana [SEPTEMBER-2019]
Prime Minister Launches Pradhan Mantri Kisan Maan Dhan Yojana
Prime Minister Narendra Modi launched the Pradhan Mantri Kisan Maan Dhan Yojana.
PM-KMY is an old age pension scheme for all land holding Small and Marginal Farmers (SMFs) in the country.
It is voluntary and contributory for farmers in the entry age group of 18 to 40 years and a monthly pension of Rs. 3000/- will be provided to them on attaining the age of 60 years.
The Life Insurance Corporation of India (LIC) shall be the Pension Fund Manager and responsible for Pension pay out.
If the farmer dies after the retirement date, the spouse will receive 50% of the pension as Family Pension. After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.
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.
The following categories of farmers have been brought under the exclusion criteria:
SMFs covered under any other statutory 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) and Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM).
All Institutional Land holders; and
Former and present holders of constitutional posts.