PM-KMY Completes Seven Years: Pension Scheme for Farmers
The Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) has completed seven years, providing a social security net for small and marginal farmers.
Source: GNews PM SchemeThe Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) has successfully completed seven years since its launch. This scheme, introduced by the Government of India, aims to provide social security to small and marginal farmers (SMFs) in their old age. Under PM-KMY, eligible farmers receive a minimum assured pension of Rs 3,000 per month after reaching 60 years of age. It is a voluntary and contributory pension scheme. Farmers contribute a small amount monthly, which is matched by the Central Government. The scheme helps protect farmers from financial uncertainties in their later years, ensuring a stable income. The PM-KMY is a significant step towards farmer welfare and financial inclusion.
This news is important for competitive exams, especially for topics related to Government Schemes, Social Security, and Agriculture in UPSC GS Paper II and III, and SSC General Awareness. Aspirants should understand the scheme's objectives, eligibility criteria, and benefits. Questions often focus on the target beneficiaries, the nature of contributions, and the implementing ministry, making PM-KMY a recurring topic in exam questions.
- PM-KMY was launched on September 12, 2019.
- The scheme provides an assured monthly pension of Rs 3,000.
- Beneficiaries must be small and marginal farmers (SMFs).
- The entry age for the scheme is between 18 and 40 years.
- The pension starts after the beneficiary attains 60 years of age.
- It is a voluntary and contributory pension scheme.
PM-KMY is a government scheme launched in 2019 to provide social security to small and marginal farmers. It offers a minimum assured pension of Rs 3,000 per month to eligible farmers after they turn 60, ensuring financial stability in their old age. It is a voluntary and contributory scheme.
Small farmers own land between 1 and 2 hectares, while marginal farmers own less than 1 hectare of agricultural land. These farmers often face economic vulnerabilities due to small landholdings and dependence on monsoon, making them a key target group for welfare schemes.
In a voluntary and contributory scheme, individuals choose to participate and contribute a portion of the funds themselves. The government often matches or supplements these contributions. This model promotes self-reliance while providing a safety net, unlike fully government-funded schemes.
Exams frequently test the launch year, target beneficiaries, and the assured pension amount of government schemes like PM-KMY. Pay attention to the 'voluntary and contributory' nature and the implementing ministry.
Remember 'Kisan Maan Dhan' as 'Farmers' Respect Money' money for their respect in old age, starting at 60 with 3000 rupees.
Frequently Asked Questions
What is the Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) and its main objective?
The Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY) is a government pension scheme launched in 2019. Its main objective is to provide social security to small and marginal farmers (SMFs) by ensuring a minimum assured pension of Rs 3,000 per month after they reach 60 years of age.
Who is eligible to join the PM-KMY scheme?
Small and marginal farmers (SMFs) with landholdings up to 2 hectares are eligible to join PM-KMY. The entry age for the scheme is between 18 and 40 years. Farmers already covered under other social security schemes like NPS, EPF, or ESIC are not eligible.
How does the contribution system work in PM-KMY?
PM-KMY is a voluntary and contributory scheme. Farmers make a monthly contribution ranging from Rs 55 to Rs 200, based on their entry age. The Central Government makes an equal matching contribution to the farmer's pension account, ensuring a stable fund for future pension payouts.