‘Over 18 lakh farmers joined PM-KMY scheme’

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Under this Scheme, a minimum fixed pension of Rs 3,000 is provided to eligible farmers

Union Minister Shri Narendra Singh Tomar on 19 November, 2019 informed the Lok Sabha that over 18 lakh farmers have registered themselves under the Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY).

“The Scheme aims to cover around 3 crore beneficiaries. As of November, 14 — 18,29,469 farmers in the country have been registered under the Scheme, including 61,496 farmers of Gujarat,” Shri Tomar said in a written reply in Lok Sabha.
The Government has launched a new Central Sector Scheme, namely, the Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) to provide social security net for the Small and Marginal Farmers (SMF) as they have minimal or no savings to provide for old age and to support them in the event of the consequent loss of livelihood. “Under this Scheme, a minimum fixed pension of Rs 3,000 is provided to the eligible small and marginal farmers, subject to certain exclusion clauses, on attaining the age of 60 years. It is a voluntary and contributory pension scheme, with an entry age of 18 to 40 years” .

“The beneficiary can opt to become a member of the Scheme by subscribing to a Pension Fund managed by the Life Insurance Corporation of India (LIC). The beneficiary is required to make a monthly contribution of between Rs.55/- to Rs.200/- to the Pension Fund, depending on the age of entry into the Scheme, with the provision of equal contribution by the Central Government. Exit from the scheme may be voluntarily or on the failure of contribution or on demise,” it said.

Shri Tomar said that a budgetary provision of Rs 900 crore has been made for the year 2019-20 and there is no State-wise allocation of funds under the Scheme. “The ratio of contribution to be made by small and marginal farmers and the Union Government under this Yojana is 1:1. Government contribution under the Scheme is equal to the monthly contribution made by the farmer, which varies from Rs 55 to Rs 200 depending on the age of entry,” said the reply.