New Delhi: The central government is implementing several schemes aimed at the welfare of farmers, providing them with a means of support in old age. If small and marginal farmers wish to secure a monthly pension after the age of 60, we will discuss one such scheme. Several schemes, including the PM Kisan Samman Nidhi Yojana and the Kisan Credit Card Scheme, are currently in operation.
Another central government scheme, the PM Kisan Mandhan Yojana, provides a monthly pension of ₹3,000. Farmers can join this scheme in time to receive the monthly pension benefit. It guarantees a minimum pension for farmers. The scheme also has a unique feature: if a person enrolled in the scheme dies, their spouse will receive the benefit.
Pension under the PM Kisan Mandhan Yojana
The Modi government’s PM Kisan Mandhan Yojana is a public welfare scheme. Launched on September 12, 2019, it benefits small and marginal farmers. Benefits will begin after the age of 60. Under this scheme, Rs 3,000 will be given as a pension every month.
In case of the sudden death of the farmer due to any reason, then the spouse will receive 50% of the amount every month. To join this scheme, the age should be between 18 years to a maximum of 40 years. Anyone older or younger than this age will not be eligible to join. To become a member of the scheme, eligible farmers will have to join the pension fund.
How much contribution will have to be made?
If you join the PM Kisan Maandhan Yojana at the age of 29, you will have to contribute Rs 100 every month. The central government also contributes an amount equal to this contribution, and both amounts are deposited into the pension fund managed by the Life Insurance Corporation. It is also responsible for pension disbursement.
First, the farmer will have to visit the nearest Common Service Centre. The requirements for enrollment include an Aadhaar card, a savings bank account number, and an IFSC code. When the farmer reaches 60 years of age, the benefit of a Rs 3,000 pension will start accruing every month.