August 10, 2020 | 8:30 AM IST

A boon for small and marginal farmers, registrations for PM-KMY starts today

The Modi 2.0 government formally started enrolling small and marginal farmers for Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) on Friday. The scheme was announced during the 2019-2020 budget presented by Finance Minister Nirmala Sitharaman.

Agriculture Minister Narendra Singh Tomar while announcing the launch of scheme said that till noon 418 farmers had enrolled themselves for the scheme. He urged more farmers between the age group of 18 to 40 years to get registered to avail its benefit. 

He added that the Centre aims to double the income of farmers’ in the next five years. The initial enrolment to the PM-KMY is being done through the Common Service Centres (CSCs). 

It may be noted that while Pradhan Mantri Kisan Samman Nidhi Yojna (PM-KISAN) is for all farmers, the PM KMY pension scheme is for land small and marginal farmers who own less than two hectares of land.

The registered farmers will have to contribute Rs 55 to Rs 200 per month depending upon their age of entry which will help them get a minimum fixed monthly pension of Rs 3000 on attaining 60 years of age. Farmers who have already registered for the quarterly income support of Rs 2,000 under the PM-Kisan will be the first to be targeted for the pension scheme. 

The Centre will also contribute an equal amount to the pension fund that will be managed by the Life Insurance Corporation (LIC) and will be responsible for the payout. If the farmer dies after the retirement date, the spouse will receive 50 per cent of the pension as family pension and in case of demise of both the farmer and the spouse, the accumulated corpus will be credited back to the pension fund.

The scheme will also provide for an online grievance redressal mechanism of LIC, banks and the government to ensure complete transparency.

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