(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.
Key highlights
- 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.
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.
- 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.
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Courtesy: PIB