The Indian government has introduced several programs for farmers’ welfare, including the PM Kisan Samman Nidhi, Kisan Samridhi Kendras, the Kisan Credit Card Program, and the Pradhan Mantri Krishi Sinchayee Yojana. Farmers receive Rs 6000 annually through the PM Kisan Samman Nidhi in three equal instalments of Rs 2000. The central government has also created the Pradhan Mantri Kisan Maandhan Yojana (PMKMY) to assist farmers in their old age. This government scheme was created to provide social security and old-age protection to small and marginal farmers (SMF).
All small and marginal farmers, who have cultivable landholdings up to 2 hectares and who are between 18 and 40, are eligible to enrol in the pension plan under the program if their names are included in the land registers of the States/UTs. After turning 60, farmers covered by this program will earn a minimum guaranteed pension of Rs 3000 per month. The farmer’s spouse will be eligible to receive 50% of the pension as a ‘family pension’, in the event of the farmer’s death. Children are not eligible to be beneficiaries of the family pension, only spouses are.
Until they reach the age of 60, registrants between 18 and 40 would be required to make monthly contributions, ranging from Rs 55 to Rs 200. The applicant or subscriber can make a pension claim when they reach 60 years of age. A set pension amount is placed into their account each month.
Following the plan, the government provides a matching contribution. If a farmer contributes Rs 100 each month to the pension fund, the government will match that contribution. 1,92,5,369 farmers have so far chosen to participate in the Pradhan Mantri Kisan Maandhan Yojana.
One should keep in mind that only those small farmers who are not covered by any other statutory social security programs, such as the National Pension Scheme (NPS), Employees’ State Insurance Corporation program, or Employees’ Fund Organization program, are eligible for the Pradhan Mantri Kisan Maandhan Yojana. Farmers who chose to participate in the Ministry of Labour & Employment-run Pradhan Mantri Shram Yogi Maandhan Yojana and Pradhan Mantri Vyapari Maandhan are likewise ineligible to register for PMKMY.
PM Mandhan Scheme:
PM Kisan Maandhan Yojana
The government runs Pradhan Mantri Krishi Sinchayee Yojana, the Kisan Credit Card Program, the PM Kisan Samman Nidhi and many more welfare schemes for the well-being of farmers. Following suit, the Indian government launches Pradhan Mantri Kisan Maandhan Yojana (PMKMY) to help farmers economically as they age.
Benefits of PM Kisan Maandhan Yojana
If their names are included in the land registries of the States/UTs, all small and marginal farmers who have cultivable landholdings of up to 2 hectares and who are between the ages of 18 and 40 are eligible to enroll in the pension plan under the programme. Farmers who are enrolled in this programme would receive a minimum guaranteed pension of Rs 3000 per month after they turn 60. In the event of the farmer’s passing, the farmer’s spouse will be qualified to receive 50 percent of the pension as a “family pension.” Only spouses are entitled to receive the family pension; children are not.
Participants must pay a monthly contribution of between Rs. 55 and Rs. 200. When they turn 60, the applicant or subscriber can file a pension claim. Each month, a predetermined pension amount is deposited into their account.