About the Scheme

• Pradhan Mantri Kisan Maan Dhan Yojana is a pension scheme which offers a guaranteed income to farmers in their old age.
• Launched in 2019, it is a Central Sector Scheme under the Ministry of Agriculture and Farmers’ Welfare.
• It is voluntary and contributory in nature and it entitles beneficiary a monthly pension of Rs 3,000 on attaining the age of 60 years.
• Eligibility: The scheme is open to small and marginal farmers owning less than two ha land in the age group of 18-40 years.
• Farmers will have to make a monthly contribution between Rs 55 and Rs 200, depending on the age of entry. The Centre will contribute the same amount that the farmer pays.
• The pension fund will be managed by the Life Insurance Corporation of India.
• Farmers, who are beneficiaries of the PM-Kisan Scheme, will have the option to allow their contribution be debited from the benefit of that Scheme directly.
• Note: While PM KISAN scheme, which provides an income support of Rs.6000/- per year, is open to all farmers irrespective of land holdings, PM Kisan Maan Dhan Yojana is for farmers owning less than two ha land.

Why in the news?

• This information was given by the Union Minister of Agriculture and Farmers Welfare Narendra Singh Tomar in Lok Sabha recently.

Reference:

1. https://www.pib.gov.in/PressReleasePage.aspx?PRID=1705511