The Prime Minister recently inaugurated two schemes named the Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) and the National Pension Scheme for the Traders and Self-Employed. The launch occurred at an event held in Ranchi, with an aim to provide a secure future for small and marginal farmers, as well as traders and self-employed individuals.
Understanding the Pradhan Mantri Kisan Maan-Dhan Yojana
The PM-KMY scheme serves to secure the lives of 5 crore marginal farmers and small landholders by offering them a minimum monthly pension of ₹3000 after reaching the age of 60 years. Eligible for this scheme are all small and marginal farmers who are between the ages of 18 and 40 years and own cultivable land up to 2 hectares, as per the land records of the concerned State/Union Territory.
A farmer’s monthly contributions can be facilitated through the instalments received from Pradhan Mantri-Kisan Samman Nidhi (PM-KISAN) or via Common Service Centres (CSCs).
The Role of Common Service Centres
Established as part of the National e-Governance Plan in 2006, the CSCs play a vital role in providing high quality, cost-effective data content and services, including video and voice, in several domains such as education, e-governance, entertainment, health, and telemedicine. These centres make it possible for rural areas to access web-enabled e-governance services like application forms, certificates, and utility bill payments.
Before we proceed to the next scheme, here is a tabulated summary of the PM-KMY scheme:
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| Scheme Name | Total Beneficiaries | Monthly Pension | Eligibility Age |
|---|---|---|---|
| Pradhan Mantri Kisan Maan-Dhan Yojana | 5 crore | ₹3000 | 18-40 years |
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An Overview of the National Pension Scheme for Traders and Self-Employed
This scheme is intended to provide an assured monthly pension of ₹ 3000 to small traders and self-employed individuals after they attain the age of 60 years. Approximately 3 crore small traders stand to benefit from this initiative.
Those eligible to join are traders and self-employed persons aged 18-40 years. Depending on the age of the applicant, the monthly contribution under this scheme varies between ₹ 55 to ₹ 200. Only self-employed shop owners, retail owners, and other traders with an annual turnover of less than ₹ 1.5 crores can join the scheme. However, anybody making a contribution to the Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation (ESIC), National Pension System (NPS), Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), or paying income tax, are ineligible for this scheme.
About The Employees’ Provident Fund Organisation and Employees’ State Insurance Corporation
The EPFO, administered by the Ministry of Labour & Employment, Government of India, is one of the world’s largest social security organisations. It manages the provident fund and pension accounts of member employees and implements the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952.
Similarly, the ESIC is a government organization formed under the provisions of the Employees’ State Insurance Act, 1948. It provides social security benefits to the workers who are registered under the Employee State Insurance Scheme. This corporation is also administered by the Ministry of Labour & Employment, Government of India.
Finally, with the aim to provide quality upper primary, secondary and senior secondary level education to Scheduled Tribe students in tribal-dominated areas, the Prime Minister launched 462 Ekalavya model residential schools across the country.
