Pradhan Mantri Kisan Maan Dhan Yojana : Voluntary and Contributory Pension Scheme

The government launched the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) for providing social security to the small and marginal farmers when they become old. The PM-KMY provides financial assistance to farmers in their old age when they do not have any means of livelihood and minimal or no savings for taking care of their expenses. This scheme is for any small holding and marginal farmers between the age of 18 to 40 years.

Under this scheme, a minimum fixed pension of Rs.3,000/- is provided to the small and marginal farmers, subject to certain exclusion criteria, on attaining the age of 60 years. It is a voluntary and contributory pension scheme. The eligible farmer is required to contribute to a Pension Fund between Rs.55 to Rs.200 per month depending on the entry age. The Central Government also contributes an equal amount to the Pension Fund.

Presentation- Dibyabharati Nayak