On 12.9, the government introduced the Pradhan Mantri Kisan Maan Yojana (PM-KMY). In order to provide social security to Small and Marginal Farmers in their old age, when they have no means of support and little to no savings to cover their expenses, legislation was passed in 2019.
Small and marginal farmers who meet certain exclusion criteria will receive a minimum fixed pension of Rs. 3,000 under this program once they reach the age of 60. This retirement plan is both voluntary and contributory.
Depending on the entry age, the eligible farmer is required to make a monthly contribution to a pension fund of between 55 and Rs. 200.
The Pension Fund also receives a matching contribution from the Central Government.
(Note: The list is extensive but crucial from the standpoint of the exam)
1. For farmers in the 18 to 40 year old entry age range, the program is voluntary and contributory.
2. When they reach the age of 60, a monthly pension of Rs. 3000 will be given to them.
3. Until they reach the retirement date, the farmers must contribute to the Pension Fund on a monthly basis between Rs 55 and Rs 200, depending on their entry-age. E. Sixty years old.
4. The Central Government will also contribute the same amount to the pension fund.
5. After contributing separately to the Fund, the spouse is also eligible to receive a separate pension of Rs. 3000.
6. The Life Insurance Corporation of India (LIC) will be in charge of managing the pension funds and paying out pensions.
7. If the farmer passes away prior to the retirement date, the spouse may continue in the plan by making payments up to the remaining age of the deceased farmer.
8. If the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to the spouse.
9. If there isn't a spouse, the nominee will receive the full contribution plus interest.
10. The spouse will receive half of the pension as a family pension if the farmer passes away after the retirement date.
11. The accumulated corpus must be returned to the Pension Fund following the deaths of the farmer and his or her spouse.
12. The beneficiaries may opt voluntarily to exit the Scheme after a minimum period of 5 years of regular contributions.
On exit, their entire contribution shall be returned by LIC with an interest equivalent to prevailing saving bank rates.
The farmers, who are also beneficiaries of the PM-Kisan Scheme, will have the option to allow their contribution to be debited from the benefit of that Scheme directly.
Beneficiaries are permitted to restore regular contributions in cases of default by paying the past-due amounts plus the required interest.
Within the next five years, it is anticipated that at least 10 crore laborers and employees in the unorganized sector will benefit from the program, making it one of the biggest pension plans in the world.
Small and Marginal Farmer (SMF) – a farmer who owns cultivable land upto 2 hectare as per land records of the concerned State/UT.
18 to 40 years old.
Farmers who are not eligible for the scheme.
The following categories of farmers have been brought under the exclusion criteria.
SMFs covered under any other statuary social security schemes such as National Pension Scheme (NPS), Employees’ State Insurance Corporation scheme, Employees’ Fund Organization Scheme, etc.
Farmers who have opted for Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM) administered by the Ministry of Labour and Employment.
Farmers who have opted for Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM) administered by the Ministry of Labour & Employment.
Further, the following categories of beneficiaries of higher economic status shall not be eligible for benefits under the scheme:.
All Institutional Landholders; and.
Former and present holders of constitutional posts.
Former and present Ministers/ State Ministers and former/present Members of Lok Sabha/ Rajya Sabha/ State Legislative Assemblies/ State Legislative Councils, former and present Mayors of Municipal Corporations, former and present Chairpersons of District Panchayats.
All serving or retired officers and employees of Central/ State Government Ministries/ Offices/Departments and their field units, Central or State PSEs and Attached offices/ Autonomous Institutions under Government as well as regular employees of the Local Bodies (Excluding Multi Tasking Staff / Class IV/Group D employees).
All Persons who paid Income Tax in the last assessment year.
Professionals like Doctors, Engineers, Lawyers, Chartered Accountants, and Architects registered with Professional bodies and carried out their profession by undertaking the practice.
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