Over 1.8 million farmers register under PM-KMY: minister
20 November 2019
The Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) has covered 1.8 million (18,29,469) farmers in the country till 14 November, even as the scheme aims to cover around 30 million beneficiaries.
The government launched the PM-KMY with a view to provide social security net for small and marginal farmers (SMF) as they have minimal or no savings to provide for old age and to support them in the event of consequent loss of livelihood.
A central sector scheme, the Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) assures a minimum fixed pension of Rs3,000 to eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years.
It is a voluntary and contributory pension scheme, with entry age of 18 to 40 years. The beneficiary can opt to become member of the scheme by subscribing to a pension fund managed by the Life Insurance Corporation of India (LIC). The beneficiary is required to make a monthly contribution of between Rs55 and Rs200 to the pension fund, depending on the age of entry into the scheme, with provision of equal contribution by the central government.
Exit from the scheme may be voluntarily or on failure of contribution or on demise. On exit from the scheme, the beneficiary will receive his/her accumulated share and the government’s contribution will be deposited in the LIC Fund. After the subscriber’s death, the spouse or heir shall be entitled to receive 50 per cent of the pension as family pension, provided he/she is not already an SMF beneficiary of the scheme.
On the death of the subscriber during the period of contribution, the spouse shall have the option of continuing the scheme by paying regular contribution.
All small and marginal farmers in the country, who are of the age of 18 years and above and up to the age of 40 years, and who do not fall within the purview of the exclusion criteria, are eligible to avail the benefits of this scheme.
The scheme aims to cover around 30 million beneficiaries. As of 14 November 2019, around 18,29,469 farmers in the country have been registered under the scheme.
A budgetary provision of Rs900 Crore has been made for the year 2019-20. There is no state-wise allocation of funds under the scheme.