Which of the following statement is/are correct about “PM Kisan Man-Dhan Yojana”?

I.         Pradhan Mantri Kisan Maan Dhan Yojna (PMKMY) is being implemented by the Ministry of Agriculture and farmers’ welfare.

II.         Under this scheme, provision has been made for payment of a minimum fixed pension of Rs. 3,000/ month to eligible small and marginal farmers.

III.         The Scheme is a voluntary and contributory pension scheme, with an entry age of 18 to 40 years.

Solution

Explanation: Pradhan Mantri Kisan Maan Dhan Yojana (PMKMY) is being implemented in order to provide a social security net for the Small and Marginal Farmers (SMF) by way of pension.   Under this scheme, provision has been made for payment of a minimum fixed pension of Rs. 3,000/- to eligible small and marginal farmers. The Scheme is a voluntary and contributory pension scheme, with an entry age of 18 to 40 years. The eligible beneficiary can opt to become a member of the Scheme by subscribing to a Pension Fund. The beneficiary is required to contribute Rs 100/ - per month at median entry age of 29 years. The Central Government also contributes to the Pension Fund in equal amounts, managed by the Life Insurance Corporation, which is also responsible for pension payout.