The authorities released the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) to provide minimal and little planters with social security when they become aged. The PM-KMY supplies monetary assistance to farmers in their seniority when they do not possess any methods of income or low or no discounts for handling their costs. The KM-KMY is effective coming from 9th August 2019.
Although the government supported the planters in terms of earnings and price support, a requirement was experienced to supply a social security internet for farmers in their aging as it might lead to loss of resources. Farming demands effort in the business, and also seniority makes it testing to carry out the farm-work.
The issue is aggravated with the minimal planters as they do not possess any cost savings or possess marginal cost savings. Hence, the authorities launched the PM-KMY to offer guaranteed month-to-month pension accounts to old-age marginal and tiny farmers, no matter of man or woman, who attain 60 years of age.
Functions of PM-KMY
- The Division of Horticulture, Collaboration and Farmers Welfare, Administrative Agency of Agriculture and Farmers’ Welfare, in partnership with the Life insurance policy Enterprise of India (LIC), conducts the PM-KMY.
- The LIC is the Pension Plan Fund Manager and is also in charge of pension pay-out under the PM-KMY.
- The PM-KMY is a regular and voluntary contribution-based pension account body for all landholding tiny and minimal farmers throughout India.
- The tiny and limited farmers can create their volunteer contribution settlement to the PM-KMY straight from the financial perks obtained under the PM-KISAN plan.
- Through the Team of Agriculture Collaboration and Farmers Well Being, the Central Authorities adds an equivalent volume due to the entitled farmer to the pension fund under the PM-KMY.
Benefits of PM-KMY
Under the PM-KMY, a minimum set pension of Rs.3,000 each month is offered to the minimal and tiny planters on accomplishing 60 years, based on specific omission criteria. It is an optional contributive pension plan system. The entitled farmers require to support a Pension account Fund of the amount varying between Rs.55 to Rs.200 each month, depending on their entry age.
The Central Federal government additionally provides an equal volume as added by the planters to the Pension Fund. On the death of the qualified farmer, the farmer’s significant other is entitled to obtain 50% of the pension account as a family pension account. The family members’ pension applies just to the spouse of the planter.
Eligibility Criteria for PM-KMY
- Small and low planters that possess cultivable lands up to 2 hectares based on the land files of the corresponding State/UT.
- The age of the planters needs to be in between 18 to 40 years.
The observing group of planters is left out under the PM-KMY:
- Marginal and tiny farmers are dealt with under various other lawful social security schemes such as the Staff Members’ Condition Insurance Firm system, National Pension plan Plan (NPS), Staff Members’ Fund Company Program, etc.
- Planters that have gone for the Pradhan Mantri Shram Yogi Maan Dhan Yojana (PM-SYM) are conducted due to the Ministry of Labour and Work.
- Farmers who have opted for the Pradhan Mantri Laghu Vyapari Maan-Dhan Yojana (PM-LVM) administered by the Ministry of Labour and Work.
- The abiding by recipients of the much higher financial condition are not entitled to the benefits under the program:
- All institutional landholders,
- Past as well as present owners of posts,
- Previous and existing Ministers, Chairpersons of Area Panchayats, Mayors of the Corporate Companies, State Ministers, Members of Rajya Sabha, Lok Sabha, State Legal Councils, and Condition Legislative Assemblies.
- Individuals that have paid for-profit tax obligations in the final assessment year.
- Professionals like Engineers, Doctors, Chartered Accountants, Attorneys, and Architects signed up along with the particular qualified body systems and took on practice.
- All retired and also providing employees and also officers of the Central or Condition Federal Government, Departments as well as their area devices, Departments, Central or State PSEs as well as affixed offices, independent establishments under the federal government and also average workers of the Local Bodies (Omitting Course IV/Multi Tasking Team/ Team D staff members).
Treatment Procedure for PM-KMY
The enrollment for PM-KMY could be carried out online and also offline. The planter may sign up online for PM-KMY via self-registration on the MAANDHAN portal. The application for the PM-KMY is free.
The process of enrollment for PM-KMY:
- The entitled tiny and minimal planters should explore the local Common Solution Facility (CSC) and secure the PM-KMY together with complying with files:
- Aadhaar card.
- Savings bank account amount with IFSC Code.
- The initial payment quantity must be made in cash to the Town Level Business Person (VLE).
- The VLE will undoubtedly get into the user’s name, the Aadhaar variety, and the date of birth as published on an aadhaar card for authentication online.
- The VLE should accomplish the online sign-up for the PM-KMY by filling in the information like mobile phone amount, savings account particulars, significant other (if any sort of), email handle, and candidate details of the entitled planter.
- The online system will automatically work out the month-to-month contribution to be spent due to the planter according to the age of the farmer/subscriber.
- The user needs to spend the initial registration amount to the VLE in money.
- The printed Enrolment sperm Auto Money required form ought to be authorized by the client. The VLE will browse the same and publish it online.
- An extraordinary Kisan Pension Account Variety (KPAN) is created, as well as the Kisan Memory card will be imprinted.