In association with the Department of Agriculture, Cooperation and Farmers Welfare, Ministry of Agriculture and Farmers Welfare
Conducts a central sector scheme, PM-KMY.
Here are the details of PM-KMY Pension Scheme as per the operational guidelines issued by the government.
Pradhan Mantri Kisan Maan-Dhan Yojana
Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) guarantees all landholder small and marginal farmers (SMFs). monthly pension 3000 on reaching the age of 60 years of Rs.
It is a voluntary and contributory pension with an entry age limit of 18 to 40 years. The monthly contribution will range from Rs 55 to Rs 200 depending on the age of enrollment of farmers in the scheme.
Who is eligible for this pension scheme?
All Small and Marginal Farmers (SMFs) in all States and Union Territories of the country, who are 18 years and above and up to the age of 40 years, and who are not covered under the exclusion criteria, as mentioned Below, are eligible to avail the benefits of this scheme by joining.
Who is excluded?
According to the PM Kisan website, below are the people who are not eligible for this pension scheme.
- SMFs covered under any other statutory social security schemes like National Pension Scheme (NPS), Employees State Insurance Corporation Scheme, Employees Fund Organization Scheme etc.
- Farmers opting for Pradhan Mantri Shram Yogi Maan Dhan Yojana (PMSYM) administered by the Ministry of Labor and Employment
- Farmers opting for Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PM-LVM) administered by the Ministry of Labor and Employment
- In addition, the following categories of beneficiaries of higher economic status will not be eligible for benefits under the scheme:
- all institutional land holders; And
- past and present holders of constitutional posts
- Former and present Ministers / Ministers of State 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 Presidents of District Panchayats.
- All serving regular employees (except multi-tasking staff/category) of Central/State Government Ministries/Offices/Departments and their field units, Central or State PSUs and affiliated offices/autonomous institutions under the Government as well as local bodies OR Retired Officers and Employees IV/Group D Employees)
- All persons paying income tax in the previous assessment year.
- Professionals like doctors, engineers, lawyers, chartered accountants and architects are registered with professional bodies and practice by doing profession.
PM Kisan Beneficiary
The SMF will have the option to deduct its voluntary contribution to the PM-KISAN scheme from the financial benefits received from the PM-KISAN scheme, as per these rules.
Eligible SMFs who wish to use the PM-Kisan benefits to contribute to PM-KMY will have to sign and submit the enrollment-cum-auto-debit-mandate form to authorize automatic withdrawal from bank accounts In which their PM-Kisan will benefit. Credit is given. This will ensure that their contribution is made on time.
Who are not the beneficiaries of PM-Kisan Scheme
Eligible SMFs who are not PM-KISAN beneficiaries or who have not authorized payment from PM-KISAN benefits, will have to submit the enrollment-cum-auto-debit mandate form to authorize automatic debit of the bank account which is normally done by them. Used for banking. activities.
According to the plan document, “The Central Government will also contribute an amount equal to the contribution by the eligible subscriber to the Pension Fund through the Department of Agriculture Cooperation and Farmers Welfare. Such co-contributions will be separately accounted for by
And these co-contributions as well as fund proceeds arising from time to time shall be used for payment of pension on the date of vesting. No co-contribution will be paid to the customers in case of premature withdrawal. In such a case, the co-contribution along with the fund’s earnings will be transferred back to the Pension Fund.