The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) recently completed 5 years since it’s inception.
About Pradhan Mantri Kisan Maandhan Yojana (PM-KMY):
- It was launched in 2019 to offer social security to Small and Marginal Farmers (SMFs) across India.
- This voluntary and contributory pension scheme aims to provide a monthly pension of Rs. 3,000 to enrolled farmers upon reaching the age of 60.
- To participate, farmers contribute a small monthly amount (ranging from Rs. 55 to Rs. 200 depending on their age at enrollment), with the central government matching their contributions.
- About 23.38 lakh farmers have registered for the scheme, with Bihar leading in registrations at over 3.4 lakh, followed by Jharkhand with 2.5 lakh.
Key features of the PM-KMY include:
- Minimum Assured Pension of Rs. 3,000 per month upon retirement.
- Family Pension, where the spouse receives 50% of the pension in case of the farmer’s death.
- Option to use PM-KISAN benefits for contributions.
- Equal government contribution to the pension fund.
- Farmers contribute a small monthly amount to the pension fund during their working years, with the central government contributing an equal amount.
- The Life Insurance Corporation (LIC) manages the pension fund, and farmers can register through Common Service Centres (CSCs) or with the help of State Governments.
Eligibility Criteria:
Farmers eligible for the scheme:
- Must be land-holding small and marginal farmers with cultivable land holdings of up to 2 hectares.
- Should be listed in state/UT land records as of August 1, 2019.
- Age should be between 18 and 40 years at the time of enrollment.
Key Benefits of PM-KMY:
- Minimum Assured Pension– every subscriber is guaranteed a monthly pension of Rs. 3,000 upon reaching 60 years of age.
- If a subscriber passes away after starting to receive their pension, their spouse is entitled to receive 50% of the pension amount.
- Farmers can use their PM-KISAN benefits to make contributions to the PM-KMY.
- Equal Contribution by the Government: The Central Government matches the contribution made by the farmer to the pension fund.
- Monthly Contributions Based on Age: The contribution varies depending on the age of the farmer at the time of entry into the scheme. The monthly contribution ranges from Rs. 55 to Rs. 200, based on the farmer’s age.
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Frequently Asked Question:
What is the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY)?
The PM-KMY is a voluntary and contributory pension scheme launched in 2019 to provide social security to Small and Marginal Farmers (SMFs) across India.
How does the PM-KMY scheme work?
Farmers participating in PM-KMY contribute a small monthly amount (ranging from Rs. 55 to Rs. 200, depending on their age at enrollment). The central government matches these contributions, ensuring equal funding to the pension fund.
How many farmers have registered for the scheme so far?
Approximately 23.38 lakh farmers have registered for PM-KMY. The states leading in registrations include Bihar with over 3.4 lakh farmers and Jharkhand with 2.5 lakh farmers.
What happens if a farmer passes away after starting to receive the pension?
If a subscriber passes away after receiving their pension, their spouse is entitled to receive 50% of the pension amount.