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 the 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 News?
- The Parliamentary Standing Committee for Agriculture flagged the very poor response to the Pradhan Mantri Kisan Maan Dhan Yojana.
- Launched in 2019, only 21 lakh farmers have subscribed to the scheme so far. The panel urged the Agriculture Ministry to identify the reasons for low enrolment and comprehensively modify the scheme if needed.