Around 25 lakh farmers enrol under PM-KMY

• Around 25 lakh farmers have enrolled under Pradhan Mantri Kisan Maandhan Yojana (PM-KMY)  since its launch on September 12, 2019.

• Haryana leads with around 5.75 lakh enrolled farmers, followed by Bihar with over 3.46 lakh. 

• Jharkhand and Uttar Pradesh have each crossed 2.5 lakh enrolments, while Chhattisgarh has recorded over 2 lakh. 

What is the scheme about?

• PM-KMY is a Central Sector Scheme administered by the Department of Agriculture & Farmers Welfare.

• It is a voluntary and contributory pension scheme for the entry age group of 18 to 40 years with a provision of minimum monthly assured pension of Rs 3,000 on attaining the age of 60 years, subject to exclusion criteria. 

• The scheme aims to create a social security net for the small and marginal farmers during their old age. 

• The scheme is only applicable for small and marginal farmers.

• The amount of the monthly contribution ranges between Rs 55 to Rs 200 per month depending upon the entry age of the farmers into the scheme. 

• The government also provides matching contribution in the pension account of the farmers. 

• The Life Insurance Corporation (LIC) of India is the fund manager for the scheme.

• The scheme offers eligible farmers, both male and female, the assurance of a steady monthly pension from the age of 60. 

• The scheme also provides family pension support after the subscriber’s death. If a subscriber passes away while receiving the pension, the spouse is entitled to a family pension equal to 50 per cent of the subscriber’s pension. The benefit is available exclusively to the spouse and applies only if the spouse is not already a beneficiary of PM-KMY.

• From a social security measure introduced for farmers’ old-age protection, PM-KMY has grown into a nationwide safety net. 

• It brings the promise of financial security to those who spend their working lives securing India’s food security.