Prime Minister Narendra Modi during the launch of Kisan Maan Dhan Yojana in Ranchi, Jharkhand. (Photo: PTI)

NEW DELHI: Prime Minister Narendra Modi on Thursday launched 'Kisan Maan-dhan Yojana' or PM-KMY and urged the farmers to join the old age pension scheme. The Prime Minister also inaugurated various development projects in Ranchi, Jharkhand.

Under the 'Kisan Maan-dhan' scheme, small and marginal farmers, who have attained the age of 60, will get a minimum pension of Rs 3,000 per month.

Here are some other important details about the scheme:

* All small and marginal farmers, who are currently aged between 18 and 40 years, are eligible to avail the benefits.

* "The scheme has an outlay of Rs 10,774 crore for the next three years," the government stated.

* Monthly contributions by the farmers to avail the pension scheme can be made from the instalments of PM-KISAN (Kisan Samman Nidhi) or through CSCs (Common Service Centers). Farmers, who are beneficiaries of PM-KISAN scheme, can also enroll for this scheme.

* The farmers will have to make a monthly contribution of Rs 55 to Rs 200, depending on their age of entry in the pension fund till they reach the retirement date. The Central government will also make an equal contribution of the same amount in the pension fund.

* The scheme is being implemented across the country, including Jammu & Kashmir and Ladakh. Farmers holding up to 2 hectare farm land will be eligible for the PM-KMY scheme.

* Any eligible farmer who wants to join the scheme can visit his nearest CSC along with his Aadhaar card and bank passbook or account details. Village Level Entrepreneurs (VLEs), who manage CSCs, will complete online registration process after taking all relevant details of farmers.

* Farmer's spouse is also eligible to get a separate pension of Rs 3,000 upon making separate contribution to the fund.

* The Life Insurance Corporation of India (LIC) will manage the activities of the scheme.

Separately, the Prime Minister also launched ' National Pension Scheme for Traders and Self-Employed Persons' for those with annual turnover not exceeding Rs 1.5 crore. It must be noted that the beneficiary under the scheme shouldn't be an income tax payer and also not a member of EPFO/ESIC/NPS (Govt.)/PM-SYM (Shram Yogi Maan-dhan).

The facility for enrollment under the scheme has been made available to the prospective beneficiaries through 3.50 lakh CSCs across the country. In addition, people can also self-enroll by visiting the portal . Under the scheme, the pension amount has also been kept at Rs 3,000.

At the time of enrollment, the beneficiary must provide Aadhaar and savings bank or Jan-Dhan account passbook. The person should be within 18 to 40 years of age group to enter the scheme. Also, GSTIN (Goods and Services Tax Identification Number) is required only for those with turnover above Rs 40 lakh.

