PM Kisan Maandhan Yojana: Invest Rs 55 per month to get Rs 3000 monthly pension

Pradhan Mantri Kisan Maandhan Yojana: The government of India has brought various schemes for the welfare of farmers including PM Kisan Samman Nidhi, Kisan Samridhi Kendras, Kisan Credit Card Scheme and Pradhan Mantri Krishi Sinchayee Yojana among others. While under the PM Kisan Samman Nidhi, farmers get Rs 6000 per year in three equal instalments of Rs 2000, the central government also came out with Pradhan Mantri Kisan Maandhan Yojana to help farmers during their old age. Pradhan Mantri Kisan Maandhan Yojana or PMKMY is a government scheme meant for old age protection and social security for small and marginal farmers (SMF).

Under the scheme, all small and marginal farmers having cultivable landholding up to 2 hectares falling in the age group of 18 to 40 years are eligible to participate in the pension plan, if their names appear in the land records of States/UTs. Under this scheme, the farmers would receive a minimum assured pension of Rs 3000 per month after attaining the age of 60 years. In case the farmer dies, the spouse of the farmer shall be entitled to receive 50% of the pension as a family pension. Family pension is applicable only to spouses and children are not eligible as a beneficiary of the scheme.

The applicants between the age group of 18 to 40 years will have to make monthly contributions ranging between Rs 55 to Rs 200 per month till they attain the age of 60. Once the applicant/subscriber turns 60 years old, he/she can claim the pension amount. Every month, a fixed pension amount gets deposited in their pension account.

Under the scheme, the government makes a matching contribution. So if a farmer is depositing Rs 100 per month, the government will also deposit Rs 100 per month in the pension fund. So far, around two crores (1,92,5,369) farmers have already opted for the Pradhan Mantri Kisan Maandhan Yojana.

However, one should keep in mind that only those small farmers are eligible for Pradhan Mantri Kisan Maandhan Yojana who are not covered under any other statuary social security schemes such as National Pension Scheme (NPS), Employees' State Insurance Corporation scheme, and Employees' Fund Organization Scheme etc. The farmers who have opted for Pradhan Mantri Shram Yogi Maandhan Yojana and Pradhan Mantri Vyapari Maandhan administered by the Ministry of Labour & Employment also cannot apply for PMKMY.