Pradhan Mantri Kisan Maan Dhan Yojna (PMKMY) is being implemented in order to provide a social security net for the Small and Marginal Farmers (SMF) by way of pension. Under this scheme, provision has been made for payment of a minimum fixed pension of Rs. 3,000/- to the eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years. The Scheme is a voluntary and contributory pension scheme, with an entry age of 18 to 40 years. The eligible beneficiary can opt to become a member of the Scheme by subscribing to a Pension Fund. The beneficiary is required to contribute Rs 100/ – per month at median entry age of 29 years. The Central Government also contributes to the Pension Fund in equal amount, managed by the Life Insurance Corporation, which is also responsible for pension payout.
As on 31/01/2022, a total of 21,86,918 farmers are enrolled in the Scheme.
Under PMKMY, provision is made for payment of a minimum fixed pension of Rs. 3,000/- to the eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years. As the Scheme is a voluntary and contributory pension scheme, with an entry age of 18 to 40 years, no beneficiary has yet attained the age of 60 to be eligible for payment.
