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Pradhan Mantri Kisan Maandhan Yojana: Invest Rs 55 and get Rs 3000 monthly

by Rishika Choudhury

Date & Time: Nov 17, 2022 5:00 PM

Read Time: 2 minute

Pradhan Mantri Kisan Maandhan Yojana: The government of India has implemented a number of schemes to benefit farmers, including the PM Kisan Samman Nidhi, Kisan Samridhi Kendras, Kisan Credit Card Scheme, and Pradhan Mantri Krishi Sinchayee Yojana. While farmers receive Rs 6000 per year in three equal instalments of Rs 2000 under the PM Kisan Samman Nidhi, the central government also launched the Pradhan Mantri Kisan Maandhan Yojana to assist farmers in their old age.

The Pradhan Mantri Kisan Maandhan Yojana, or PMKMY, is a government programme that provides old-age security and social security to small and marginal farmers (SMF).

Eligibility for Pradhan Mantri Kisan Maandhan Yojana

All small and marginal farmers with cultivable landholdings of up to 2 hectares who are between the ages of 18 and 40 and whose names appear in state/UT land records are eligible to participate in the pension plan. Under this scheme, farmers would receive a minimum assured pension of Rs 3000 per month after reaching the age of 60. If the farmer dies, his or her spouse is entitled to 50% of the pension as a family pension. Because the scheme only applies to spouses, children are not eligible for a family pension.

Applicants between the ages of 18 and 40 will be required to contribute between Rs 55 and Rs 200 per month until they reach the age of 60. The applicant/subscriber is eligible to receive the pension amount when he or she reaches the age of 60. Every month, a fixed pension amount is deposited into their pension account.

Government will make equal contribution

The government makes a matching contribution under the scheme. So, if a farmer contributes Rs 100 per month, the government will contribute Rs 100 per month to the pension fund. So far, nearly two crores of farmers (1,92,5,369) have opted for the Pradhan Mantri Kisan Maandhan Yojana.

However, keep in mind that only small farmers who are not covered by any other statutory social security schemes, such as the National Pension Scheme (NPS), Employees' State Insurance Corporation scheme, and Employees' Fund Organization Scheme, are eligible for the Pradhan Mantri Kisan Maandhan Yojana. Farmers who have opted for the Ministry of Labour and Employment's Pradhan Mantri Shram Yogi Maandhan Yojana and Pradhan Mantri Vyapari Maandhan cannot apply for PMKMY.

Also Read: PM Kisan से किसान हो रहे आर्थिक रूप से सशक्त, सालाना मिल रहा फायदा!

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