A fresh initiative from India’s central government is in motion to register beneficiaries under a new farmer’s pension scheme – the Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY). This program aims to provide a safety net for all small and marginal farmers who have land holdings of less than two hectares across the country. The proposal sets out to offer a fixed pension, supervise contributions, and coordinate with existing government structures to ensure consistent execution.
Providing Social Security
A key highlight of the PM-KMY scheme is its focus on delivering social security to small and marginal farmers. While these agriculturists play a vital role in the country’s agrarian economy, they often lack adequate financial support for their old age. To counter this, the scheme guarantees a fixed monthly pension of Rs. 3,000 to all eligible small and marginal farmers once they hit retirement at 60 years.
A Voluntary, Contribution-Based System
The PM-KMY scheme operates on a voluntary and contribution-based approach. Therefore, every small and marginal farmer aiming to benefit from the scheme is expected to contribute between Rs. 55 to Rs. 200 to the Pension Fund monthly until they reach the age of 60. Providing a degree of assurance, the Central Government will match these contributions by depositing an equal amount into the pension fund.
Who is Eligible?
Eligibility for the scheme has been defined to include farmers aged 18 to 40 years. The inclusion extends to the spouses of the small and marginal farmers, enabling them to join the scheme separately, thereby entitling them to receive a separate pension of Rs. 3000 upon reaching the age of 60.
The Enrollment Process
For farmers aiming to join in the scheme, enrollment procedures have been made accessible and hassle-free. Eligible farmers can sign up at the nearest Common Service Centre (CSC), a government-run internet-enabled hub offering various public utility services.
Income Augmentation Measures for Farmers
| Name of Scheme | Objective | Benefit to Farmers |
|---|---|---|
| Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) | Provide social security to small and marginal farmers | Monthly pension of Rs. 3,000 from age 60 |
| Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) | Augment income of small and marginal farmers | Yearly financial support |
Other Income Support Measures
In line with its commitment to fortify the economic standing of small and marginal farmers (SMFs), the government has rolled out another Central Sector Scheme, known as “Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)”. This new development is targeted to further bolster the income of SMFs, improving their financial stability, and general livelihood conditions.
