In India, farming is a significant source of income for many households, and yet the agricultural sector continues to be underdeveloped. The government’s Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) is an initiative that aims to provide social security to small and marginal farmers. This article will provide a comprehensive guide to the PM-KMY scheme, including its features, eligibility criteria, benefits, and application process.
1. Introduction
The Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) is a pension scheme launched by the Government of India on September 12, 2019, for the benefit of small and marginal farmers. This scheme aims to provide a minimum monthly pension of Rs. 3,000 to eligible farmers who have attained the age of 60 years. The PM-KMY scheme is expected to cover around 5 crore beneficiaries over the next three years.
2. What is PM-KMY?
PM-KMY is a voluntary and contributory pension scheme for the benefit of small and marginal farmers across India. The scheme is administered by the Department of Agriculture, Cooperation, and Farmers Welfare under the Ministry of Agriculture and Farmers Welfare.
Under the PM-KMY scheme, eligible farmers will have to contribute a fixed amount every month, which will be matched by an equal contribution from the central government. The accumulated amount will be used to provide a monthly pension of Rs. 3,000 to farmers who have attained the age of 60 years.
3. Eligibility Criteria
To be eligible for the PM-KMY scheme, farmers must fulfill the following criteria:
Age
The farmer must be between 18 and 40 years of age.
Landholding
The farmer must own cultivable land up to 2 hectares or be a farmer in the unorganized sector.
Pension
The farmer must not be a beneficiary of any other pension scheme.
4. Benefits of PM-KMY
The PM-KMY scheme provides the following benefits to eligible farmers:
- A minimum monthly pension of Rs. 3,000 after attaining the age of 60 years.
- Family pension in case of the farmer’s death.
- The scheme is portable, which means the farmer can continue to receive the pension even if he/she moves to a different location.
- The scheme is voluntary, and farmers can choose to opt-out of the scheme at any time.
5. How to Apply for PM-KMY?
Farmers can apply for the PM-KMY scheme by following these steps:
Registration
- Farmers can register for the scheme at the Common Service Centres (CSCs) or the nearest Krishi Vigyan Kendra (KVK).
- Farmers need to provide their Aadhaar number, bank account details, and mobile number during registration.
Enrollment
- After registration, farmers need to make monthly contributions towards the scheme.
- The contribution amount varies based on the age of the farmer.
- The government will make an equal contribution to the farmer’s account.
- Once the farmer attains the age of 60 years, he/she will start receiving a monthly pension.
6. Conclusion
The PM-KMY scheme is an excellent initiative by the Government of India to provide social security to small and marginal farmers. The scheme provides a much-needed
sense of financial security to farmers who are often left vulnerable due to their uncertain income sources. The scheme also promotes the culture of savings and encourages farmers to plan for their future.
The PM-KMY scheme is a step towards achieving the goal of doubling farmers’ income by 2022. However, there is a need for more awareness and outreach programs to ensure that eligible farmers can take advantage of this scheme. The government must also address the challenges of proper implementation, monitoring, and redressal of grievances to make the scheme more effective.
7. FAQs
Q1. What is the contribution amount for the PM-KMY scheme?
The contribution amount varies based on the age of the farmer. For example, a 29-year-old farmer needs to contribute Rs. 100 per month, while a 40-year-old farmer needs to contribute Rs. 200 per month.
Q2. Can a farmer opt-out of the PM-KMY scheme?
Yes, the scheme is voluntary, and farmers can choose to opt-out of the scheme at any time.
Q3. Can farmers who are beneficiaries of other pension schemes apply for the PM-KMY scheme?
No, farmers who are beneficiaries of any other pension scheme are not eligible for the PM-KMY scheme.
Q4. How can farmers enroll in the PM-KMY scheme?
Farmers can enroll in the PM-KMY scheme by visiting their nearest Common Service Centre (CSC) or Krishi Vigyan Kendra (KVK) and providing their Aadhaar number, bank account details, and mobile number.
Q5. What is the age limit for farmers to enroll in the PM-KMY scheme?
The age limit for farmers to enroll in the PM-KMY scheme is between 18 and 40 years.
In conclusion, the PM-KMY scheme is an essential initiative by the government to provide social security to small and marginal farmers. It is an excellent opportunity for farmers to save for their future and achieve financial security. Farmers who are eligible for the scheme should take advantage of it and contribute regularly to ensure that they receive the pension benefit when they reach the age of 60 years.