PM-KMY: 25 Lakh Farmers Enrol Under Pension Scheme
A significant number of farmers have joined the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), a government scheme aimed at providing social security.
Source: GNews PM SchemeAround 25 lakh farmers have enrolled under the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY). This scheme is a voluntary and contributory pension scheme for small and marginal farmers (SMFs) in India. It aims to provide social security to farmers in their old age. Under PM-KMY, beneficiaries receive a minimum assured pension of Rs 3,000 per month after reaching 60 years of age. The scheme was launched in September 2019. Farmers between 18 and 40 years of age can join the PM-KMY. They need to make monthly contributions ranging from Rs 55 to Rs 200, depending on their age of entry. The Central Government also makes an equal contribution to the pension fund. The PM-KMY is implemented by the Ministry of Agriculture & Farmers Welfare.
This news is important for competitive exams, especially for topics related to Government Schemes and Social Security in India, relevant for UPSC GS Paper II (Welfare Schemes) and SSC General Awareness. Aspirants should understand the objectives, eligibility criteria, and benefits of PM-KMY, as such schemes are frequently tested to assess knowledge of government initiatives for vulnerable sections.
- Around 25 lakh farmers have enrolled under the PM-Kisan Maandhan Yojana (PM-KMY).
- PM-KMY provides a minimum assured pension of Rs 3,000 per month.
- Farmers become eligible for pension after reaching 60 years of age.
- The scheme was launched in September 2019.
- Farmers between 18 and 40 years of age can join PM-KMY.
- Monthly contributions range from Rs 55 to Rs 200, with equal government contribution.
PM-KMY is a government scheme launched in 2019 to provide social security to small and marginal farmers (SMFs). It is a voluntary and contributory pension scheme. Farmers receive a minimum assured pension of Rs 3,000 per month after turning 60. The scheme is administered by the Ministry of Agriculture & Farmers Welfare.
In India, a small farmer is defined as one owning cultivable land between 1 and 2 hectares (2.5 to 5 acres). A marginal farmer owns less than 1 hectare (2.5 acres) of cultivable land. These categories are crucial for targeting various agricultural welfare schemes.
This is a ministry of the Government of India. It is responsible for formulating and implementing policies related to agriculture, food processing, and farmer welfare. It oversees various schemes like PM-KMY and PM-KISAN, aiming to improve the economic condition of farmers.
UPSC and State PSC exams often ask about the features, eligibility, and implementing ministries of government welfare schemes like PM-KMY. SSC exams may focus on the launch year or the pension amount.
Remember 'KMY' as 'Kisan's Monthly Yojana' for old age, ensuring '3K' (3,000) rupees after '60' years.
Frequently Asked Questions
What is the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) and its main objective?
The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is a voluntary and contributory pension scheme for small and marginal farmers (SMFs). Its main objective is to provide social security to farmers in their old age by ensuring a minimum assured pension of Rs 3,000 per month after they turn 60.
Who is eligible to join the PM-KMY scheme and what are the age criteria?
Farmers who are small and marginal, owning cultivable land up to 2 hectares, are eligible to join PM-KMY. The age criteria for entry into the scheme is between 18 and 40 years. They must make monthly contributions based on their entry age.
How is the pension fund managed under PM-KMY and what is the government's role?
The pension fund under PM-KMY is managed by the Life Insurance Corporation of India (LIC). The government plays a significant role by making an equal contribution to the pension fund as the farmer. This ensures a 50:50 contribution model for the scheme.