The central government has launched the Pradhan Mantri Kisan Maan Dhan Yojana with the aim of introducing an old-age pension system for all land-holding Small and Marginal Farmers (SMFs).
Beneficiaries of Pradhan Mantri Kisan Samman Nidhi scheme are also eligible for this pension plan. The PM-KMY is managed by the Ministry of Agriculture & Farmers' Welfare's Department of Agriculture, Cooperation & Farmers' Welfare in collaboration with the Life Insurance Corporation of India.
The scheme ensures that upon turning 60, each land-holding Small and Marginal Farmer (SMF) will receive a monthly pension of Rs 3,000. With an entry age range of 18 to 40 years, it is a voluntary and contributory pension. The amount paid each month varies from Rs 55 to Rs 200 depending on the age of the farmers when they sign up for the scheme.
PM Maandhan Yojana Eligibilty
All SMFs in all states and Union Territories of the nation who are at least 18 years old and up to 40 years old and who do not meet the exclusion conditions as listed below are eligible to join the plan and take use of its advantages.
The people listed below are not eligible for this pension plan, according to the PM Kisan website.
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SMFs covered by any other statutory social security schemes, including the National Pension System (NPS), the Employees State Insurance Corporation scheme, the Employees Fund Organization Scheme, etc.
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Farmers who chose to participate in the Ministry of Labour & Employment's Pradhan Mantri Shram Yogi Maan Dhan Yojana (PMSYM)
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Farmers who have opted for Pradhan Mantri Laghu Vyapari Maan-dhan Yojana (PM-LVM) administered by the Ministry of Labour & Employment.
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Additionally, the following beneficiary categories with better economic status are ineligible for benefits under the scheme: All institutional landowners; former and current occupants of positions with the government; ministers and state ministers; former and current members of the Lok Sabha, Rajya Sabha, state legislatures, and state legislature councils; mayors of municipal corporations; and chairs of district panchayats.
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All officers and employees of Central and State Government Ministries, Offices, and Departments, as well as their field units, Central or State PSEs, and Attached offices/Autonomous Institutions under Government, as well as regular employees of Local Bodies (Excluding Multi-Tasking Staff / Class IV/Group D employees), whether they are currently employed or have retired.
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Everyone who made an income tax payment in the most recent assessment year.
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Professionals who have registered with professional bodies and are actively practicing, such as doctors, engineers, lawyers, Chartered Accountants, and architects.
Farmers who are already taking benefit of PM Kisan Yojana can link the PM Kisan Maandhan account so that their monthly contributions are directly deducted from their accounts. This will ensure that their contributions are made on time. For this, they must submit an enrolment-cum-auto-debit-mandate form while registering online.
