New Delhi: The Pradhan Mantri Kisan Maandhan Yojna (PM-KMY), a pension scheme for small farmers in India has completed 5 years. Under this scheme, eligible farmers get a fixed monthly pension of Rs 3,000 after reaching 60 years of age. The government contributes to the pension fund during the working years of the farmer, a PIB press release stated.
Under the PM-KMY scheme, eligible farmers of small and marginal land holdings up to two hectares are eligible for benefits. The government contributes an equal amount to the pension fund as the farmer contributes.
The minimum contribution amount for farmers is Rs 55 and the maximum limit is Rs 200 per month. According to the age of the farmer, the monthly contribution amount is determined.
If you are a farmer between 18 and 40 years old, then you will get a monthly pension of Rs 55. If you are older than 60 years, then you will get a monthly pension of Rs 3,000.
Once you reach the age of 60, then you will get a monthly pension of Rs 3,000. You will be eligible for this scheme if you have cultivable land of up to two hectares in your possession and you are registered under the state government.
If you are an eligible farmer, then you will be automatically debited the contribution amount from your bank account. If you are registered under this scheme, then you can also contribute to the scheme by submitting an auto-debit mandate form from your bank account. This will ensure that you are automatically debited from the bank account every month, the press release stated.