PM Kisan Maan Dhan Yojana
Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) is a new old-age pension scheme which was announced by the Central Government for the social welfare of all landholding Small and Marginal Farmers (SMFs) in the country.
What is PM-KMY?
- The PM-KMY is a voluntary and contributory pension scheme which aims to tap all Small and Marginal farmers in the country between the ages of 18 to 40 years.
- The PM-KMY will be a central sector scheme which will be effective from the 9th August 2019.
- The objective of the scheme is to provide old-age pension cover to farmers and aims to improve the lives of all financially strained farmers of the country.
- The PM-KMY Scheme is voluntary and contributory for farmers in the age group of 18 to 40 years who will be provided a monthly pension of Rs. 3000/- after the age of 60 years.
- The farmers enrolling for this scheme will have to contribute between Rs. 55 to Rs. 200. The quantum of contribution will depend on the age of entry by the farmers.
- The monthly contributions will have to be made on the same day every month as the day of their enrollment.
- For the sake of their convenience, the beneficiaries may choose to pay their contributions on quarterly, 4-monthly or half-yearly basis. However, all such contributions will have to be paid on the same day of such period as the date of enrollment.
- The central government will make an equal contribution of the same amount towards the pension.
- The spouse is also eligible to get a separate pension of Rs. 3000/- upon making a separate contribution to the fund.
Who implements PM-KMY?
the Implementation body for this scheme will be the Life Insurance Corporation of India(LIC) which will also act as the pension manager and will be made responsible for pension payout.
Category: Government Schemes Current Affairs