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Small, Marginal Farmers to get fixed pension of ₹3000 per month – MKMY

Small, Marginal Farmers to get fixed pension of ₹3000 per month - MKMY

Small and Marginal Farmers to get a fixed pension of ₹3000 per month – MKMY scheme

The Pradhan Mantri Kisan Maan Dhan Yojna (MKMY) Scheme aims to provide a social security net for Small and Marginal Farmers (SMF) through pensions, as they have little or no savings to sustain their livelihood in old age and to support them in the event of a loss of livelihood.

On reaching the age of 60, eligible small and marginal farmers are entitled to a minimum fixed pension of Rs 3,000 per month, subject to certain exclusion clauses. The scheme is a voluntary and contributory pension scheme with an eligibility age range of 18 to 40 years.

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At the median entry age of 29 years, the beneficiary is required to contribute Rs 100 per month. The Central Government will also contribute an equal amount to the Pension Fund. The Scheme went into effect on August 9, 2019, and because the maximum age for enrollment is 40 years, enrolled farmers will receive a minimum fixed pension of Rs 3000 per month once they reach the age of 60.

As a result, the Scheme’s benefits will be available only after a minimum of 20 years. This information was provided in a written reply to the Lok Sabha by Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar.

Advantages/Benefits

The government has made a number of interventions to help farmers with income and price support. However, there is a perceived need for the establishment of a social security net for farmers, as old age may result in the loss of livelihood for many of them. Farming necessitates hard work in fields, which becomes difficult as one ages.

The problem is exacerbated in the case of small and marginal farmers, who have little or no savings to provide for old age. The Pradhan Mantri Kisan Maan-Dhan Yojana guarantees a monthly pension of Rs 3000 to all Small and Marginal Farmers (SMFs), male or female when they reach the age of 60. Farmers who fall under the exclusion criteria, on the other hand, are not eligible for the benefit.

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Requirements

By joining the Scheme, all Small and Marginal Farmers (SMFs) in all States and Union Territories of the country, who are 18 years old or older and up to the age of 40 years, and who do not fall within the exclusion criteria outlined in the guidelines, are eligible to benefit from it.

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