Prime Minister Narendra Modi is set to launch the farmers’ pension scheme, Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) on 12th September 2019 from Ranchi with a subscriber base of more than 1 million.
The scheme, which was announced in the budget 2019-20, will provide a monthly pension of Rs 3,000 to small & marginal farmers in the age group of 18 to 40 years on attaining the age of 60.
A senior agriculture department official told that “Prime Minister will launch this scheme. Earlier, he had launched the minimum income support scheme, PM Kisan that gives Rs 6,000 annually to the farmers. Like PM Kisan, through which we have reached out to around 85 million farmers, we expect to benefit more number of farmers through this pension scheme”.
The registration for the farmers’ pension scheme started on 9th August. The pension scheme offers a guaranteed income to farmers during their old age. Life Insurance Corporation of India (LIC) has been appointed as the insurer for this scheme.
The official further explained that farmers will have to make a monthly contribution of Rs 55 to 200, depending on the age of entry, in the pension fund till they reach the date of retirement. He said, “The Centre will put in an equal contribution and this is an optional scheme”.
