The central govt. may invite application forms for Pradhan Mantri Kisan Mandhan Yojana (PM-KMY) through online or offline mode from 1 August 2019. This farmers pension scheme enrollment is going to begin soon after the soft launch by PM Narendra Modi. It is expected that honourable PM will himself formally announce the PM Kisan Maan-dhan Yojna in his Independence day speech or at special function in August.
But before the launch of PM Kisan Mandhan Yojana, a critical mass of registrations numbering 4-5 million is expected to be added to the farmers pension scheme. Just like PM Kisan Samman Nidhi Yojana (PM-KISAN), pension scheme would be rolled out only after enrollment of requisite number of beneficiaries. The PM-KISAN scheme was officially rolled out after 1 crore registrations were completed.
All the farmers who have already been registered for the quarterly income support of Rs. 2,000 under PM-KISAN scheme would be firstly targeted in PM Pension scheme for farmers.
PM Kisan Mandhan Yojana 2019 Registration Form
Under this PM Pension Scheme for farmers, each farmer will have to make monthly contribute Rs. 100 per month to get minimum fixed monthly pension of Rs. 3,000 per month. All the beneficiary farmers will get this pension amount on attainment of 60 years of age. To successfully roll-out this farmers pension scheme, govt. has roped in common service centers (CSCs).
Central govt. will also contribute an equal amount to pension fund to be managed by Life Insurance Corporation. LIC would be the nodal agency for its implementation and will be responsible for the payout. After coming to power for the 2nd time, Modi govt. in their first cabinet meeting has approved a separate pension scheme for farmers.
In the approved PM Kisan Pension Scheme, govt. will cover around 5 crore beneficiaries in the first 3 years. This would cost the exchequer Rs. 10,774.5 crore per annum. For this purpose, a sum of Rs. 900 crore was allocated for the PM Kisan Mandhan Yojana in Budget 2019-20 by FM Nirmala Sitharaman.
PM Kisan Maan-dhan Yojna Vs PM-Kisan Samman Nidhi Scheme
The main difference between PM-KISAN Scheme and PM Kisan Mandhan Yojana is that PM-Kisan is applicable for all farmers while PM-KMY Scheme is only for small and marginal farmers who own less than 2 hectares (5 acres) of land. All the farmers can also make contribution directly from the benefits drawn from the PM-KISAN Scheme.
The central govt. will also prepare an online grievance redressal system for complete transparency. This scheme is identical to the existing PM Shram Yogi Maan-dhan Yojana for unorganized workers and PM Karam Yogi Maandhan Yojna for retail traders and small shopkeepers.