The registration for the Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) has been initiated by the government. According to the scheme, on reaching the age of 60, farmers will receive a monthly pension of Rs 3,000 and their wives will receive Rs 1,500/month as pension after their demise. The scheme was launched by Narendra Singh Tomar, Minister of Agriculture & Farmers Welfare and Minister of Rural Development.
This is a Rs 10,700 crore pension scheme started by the government which was approved in the first meeting of the Cabinet after Narendra Modi became the Prime Minister of India for the consecutive second term.
This scheme was launched to benefit small and marginal farmers who own land that measures 2 hectares or less. 418 farmers had registered for the scheme within the first few hours of the launch, according to Tomar.
The pension scheme is for the farmers aged between 18 and 40 years. Initially, the enrollment for the scheme is being done by Common Service Centres (CSCs) in villages across the country. The registration fee for each farmer is Rs 30 which will be borne by the government.
The farmers will have to pay Rs 55-200 under this scheme. The enrolled farmers who are 18 years of age will have to pay Rs 55 whereas farmers who are 40 years of age will have to pay Rs 200 monthly. Different accounts for husband and wife can also be opened under this scheme. It is being managed by the Life Insurance Corporation (LIC).
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