Pradhan Mantri Kisan Pension Yojana (PMKPY)

The newly elected Narendra Modi led cabinet announced a new pension scheme for farmers. The scheme is called as Pradhan Mantri Kisan Pension Yojana (PMKPY). Under the scheme all the farmers will be given a pension of Rs. 3,000 every month after the age of 60 years. It is a voluntary scheme applicable to all the farmers across the country.

Objectives:

• To make sure that the old aged farmers live with dignity
• To provide social security to the farmers

Eligibility Criteria:

• Applicable to the small & medium farmers across India
• Age Limit: Farmer in the age group of 18 to 40 years can apply for the scheme

Benefits:

• Pension of Rs. 3,000 every month after the age of 60
• In event of farmer`s death 50% of the amount will be given to the farmer`s spouse

Pradhan Mantri Kisan Pension Yojana (PMKPY) Highlights:

• 5 crore farmers will get benefited from the scheme in the first three years
• It is a voluntary scheme
• Only those farmers who opt for the scheme will be given pension
• All the enrolled farmers needs to pay monthly amount of Rs. 55
• The amount can be paid using the amount received under Pradhan Mantri Kisan Samman Nidhi (PM-KISAN)
• The Government of India will make equal contribution to the scheme for all the enrolled farmers
• The PMKPY scheme will cost Rs 10,774.5 crore every year to government
• Newly appointed Agriculture Minister Narendra Singh Tomar announced the scheme

Read More: PM-KISAN (Pradhanmantri Kisan Samman Nidhi) Scheme: Eligibility, requirements & beneficiaries list

The Union Cabinet also extended PM-KISAN scheme to all the farmers across the country. Now 14.5 crore farmers across the country will get benefited from the scheme. Earlier the scheme was applicable only to the small & marginal farmers only. It will cost Rs. 87,000 crore every year to the government.