Pradhanmantri Kisan Mandhan Yojana
Pradhan Mantri Kisan Pension Yojana
Pension Scheme for Small and Marginal Farmers
The Central Government on 31 May 2019 approved and Pradhan mantri Narendra Modi launched a new pension scheme for small and marginal farmers for providing social security
Under this scheme small and marginal farmers recive a minimum fixed pension of Rs 3,000 per month on attaining the age of 60 years.
This is a path breaking scheme that will provide pension cover to our industrious farmers who toil day and night to keep our nation fed. It is also for the first time since independence that such a pension coverage has been envisioned for farmers.
“It is estimated that 5 crore small and marginal farmers will benefit in the first 3 years itself. The Central Government would spend Rs. 10774.50 crore for a period of 3 years towards its contribution (matching share) for providing social security cover
Pradhan Mantri Kisan mandhan Yojana all Important Points
| Scheme approve | 31 May 2019 |
| Scheme launched | 12 sep. 2019 |
| Scheme launched from | Ranchi Jharkhand |
| Scheme launched by | Narendra Modi (PM) |
| Enrolling Age | 18-40 Year |
| Eligible For Pension | After 60 Year |
| Monthly Installment | Rs 55 to 200 per month |
| Government Share in Installment | Same as Farmer |
| Responsible Agency | LIC |
| Pension Amount | Rs 3,000 per month |
| First 3 Year Farmers Enrollment Target | 5 Crore |
| First 3 Year Central Government would spend | Rs. 10774.50 crore |
| 2019-20 Budget Allocation | Rs. 900 crore |
Some Features of the PM Kisan Pension Yojana
- It’s a voluntary and contributory pension scheme for all Small and Marginal Farmers (SMF) across the country.
- In this scheme Farmers will have to contribute Rs 55 to Rs 100 per month.
- Farmers who’s age between 18 to 40 years they can participate in this scheme
- A minimum fixed pension of Rs 3,000 will be provided to the Farmers on attaining the age of 60 years.
- The Central Government will also contribute to the Pension Fund an equal amount as contributed by the eligible farmer.
- Life Insurance Corporation of India(LIC) managed this scheme’s pension and LIC also responsible for the pension payout.
- On the subscriber(Farmer) death, while receiving pension, the spouse of the beneficiary shall be entitled to receive 50 percent of the pension received by the beneficiary as family pension, provided he/she is not already a beneficiary of the scheme.
- If, the death of the subscriber happens during the period of contribution, the spouse shall have the option of continuing the Scheme by paying regular contribution.
- An interesting feature of the Scheme is that the farmers can opt to allow his/her monthly contribution to the Scheme to be made from the benefits drawn from the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme directly. Alternatively,
- A farmer can also pay his monthly contribution by registering through Common Service Centres (CSCs) under MeitY.
Fulfilling core promises, empowering the agriculture sector:
For seventy years after Independence, such a coverage for farmers was never thought. It was in the run up to the 2019 Parliamentary elections that PM Narendra Modi first mooted such an idea, which gradually found resonance across the length and breadth of India. Such a plan was mentioned in the BJP manifesto and in the first Cabinet meeting after the formation of a new Government, it has become a reality.
