Pradhan Mantri Kisan Maan Dhan Yojna (PMKMY) Scheme aims to provide a social security net for the Small and Marginal Farmers (SMF) by way of pension, as they have minimal or no savings to sustain their livelihood during their old age and to support them in the event of the consequent loss of livelihood.

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Under this scheme, a minimum fixed pension of Rs 3,000 per month is being provided 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 beneficiary is required to contribute Rs 100 per month at median entry age of 29 years. The Central Government will also contribute to the Pension Fund an equal amount. The Scheme was implemented on August 9, 2019, and since the maximum age for enrollment limit is 40 years and minimum fixed pension of Rs 3000 per month will be due once the enrolled farmers attain the age of 60.

Hence, the benefits of the Scheme shall be available only after a minimum period of 20 years. This information was given in a written reply by the Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar in Lok Sabha.

Benefits

There have been a series of interventions for income and price support by the Government for farmers. However, there is a felt need to create a social security net for the farmers as old age may result in loss of livelihood for many of them. Farming requires hard work in fields which becomes difficult at an advanced age.

The problem is compounded in respect of small and marginal farmers as they have minimal or no savings to provide for old age. The Pradhan Mantri Kisan Maan-Dhan Yojana provides for an assured monthly pension of Rs 3000 to all landholding Small and Marginal Farmers (SMFs), whether male or female, on their attaining the age of 60 years.

Farmers falling within the purview of the exclusion criteria are, however, not eligible for the benefit.

Eligibility

All Small and Marginal Farmers (SMFs) in all States and Union Territories of 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 as mentioned in the guidelines, are eligible to avail the benefits of this Scheme by joining it.