The Government of India has launched an extremely important and beneficial scheme to make the old age of the small and marginal farmers of the country financially secure – ‘Pradhan Mantri Kisan Mandhan Yojana‘ (PM-KMY). This scheme, which was launched on 12 September 2019, is an innovative effort to provide financial support to farmers in old age.
In this scheme, farmers themselves contribute and the government makes an equal matching payment to their amount. In this way, on completion of 60 years of age, farmers get a guaranteed pension of ₹ 3,000 every month, which brings unprecedented financial stability to their old age lifestyle.
₹3000 will be given every month
Farmers between the ages of 18 to 40 years can join the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY). To avail the benefits of this scheme, their land should not be more than 2 hectares. This ensures that the benefits of the scheme reach the small and needy farmers.
Only those farmers can avail of the benefits of this scheme who Are not income taxpayers or not associated with any other government pension scheme like EPF (Employees Provident Fund), NPS (National Pension System), or ESIC (Employees State Insurance Corporation).
Premiums
In this scheme, the farmer has to contribute from ₹55 to ₹200 every month. This contribution is decided based on the age of the farmer:
Example 1: If a farmer joins the scheme at the age of 18, then he will have to deposit ₹ 55 per month.
Example 2: On the other hand, if a farmer joins the scheme at the age of 40, then he will have to contribute ₹ 200 every month.
When the farmer turns 60, he starts getting a pension of ₹ 3,000 every month. This amount continues to be available throughout his life so that he does not have to depend on anyone in old age.
How to apply
Applying for the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is extremely easy. For application, the farmer must have some required documents:
Aadhaar Card
Bank Passbook
Mobile Number
Age Certificate
There are two main ways to apply:
Online Application
For this, the farmer has to visit the official website of the government www.pmkmy.gov.in.
Click on ‘Apply Now’ on the website.
Fill out the form by entering your Aadhaar number and filling in the required information. This method is convenient for digitally literate farmers.
Offline Application
Farmers who do not have internet facilities or who are not digitally comfortable can visit their nearest Common Service Center (CSC).
The operator present at the CSC will take the farmer’s information and register it online.
After this, an Auto Debit Form has to be filled, through which the scheme amount will be automatically deducted from the farmer’s bank account every month. This ensures that the farmer’s contribution is deposited regularly.