As per Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY), how much amount will be provided to eligible farmers on attaining the age of 60?

The Union Government has recently started registration for the Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) with an aim to improve the life of Small and Marginal Farmers of the country. This scheme for farmers has been announced in the Union Budget 2019-20. The scheme is voluntary and contributory for farmers in the entry age group of 18 to 40 years and a monthly pension of Rs. 3000/- will be provided to them on attaining the age of 60 years. 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 i.e. the age of 60 years. The Central Government will also make an equal contribution of the same amount in the pension fund. The spouse is also eligible to get a separate pension of Rs.3000/- upon making separate contributions to the Fund.