The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) has successfully completed five years of providing social security to land-holding small and marginal farmers (SMFs) across the country.
About Pradhan Mantri Kisan Maandhan Yojana (PM-KMY)
- It was launched on September 12, 2019. This old-age pension scheme is a voluntary and contributory pension scheme.
- Under the initiative, eligible small and marginal farmers are given a fixed monthly pension of Rs. 3,000 after attaining the age of sixty.
- To qualify, farmers contribute monthly to the pension fund during their working years, with matching contributions from the central government.
- Under Pradhan Mantri Kisan Maandhan Yojna (PM-KMY), small and marginal farmers can enroll by paying a monthly subscription to the Pension Fund. Farmers aged between 18 and 40 years need to contribute between Rs. 55 to Rs. 200 per month until they turn 60.
- Once they reach the age of 60, enrolled farmers receive a monthly pension of Rs. 3,000, provided they meet the scheme’s exclusion criteria.
- The Life Insurance Corporation (LIC) manages the pension fund, and beneficiary registration is facilitated through Common Service Centres (CSCs) and State Governments.
- All farmers with cultivable land holdings of up to 2 hectares and listed in state/UT land records as of 1st August 2019 are eligible for benefits under the scheme.
- Under the scheme, Bihar leads with over 3.4 lakh registrations while Jharkhand ranks second with over 2.5 lakh registrations.
