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PM-KMY is a voluntary, contributory pension scheme providing ₹3,000/month minimum pension to small and marginal farmers after age 60. Launched August 2019. Premium: ₹55-200/month (age 18-40 at enrollment). Government matches contribution. Target: 5 crore farmers by 2022. Status: active but enrollment slow; 23+ lakh farmers enrolled.
Target Beneficiaries: Small and marginal farmers (below 2 hectare land) aged 18-40 years; 23+ lakh enrolled
900
Funding Ratio (Centre:State): Contributory Scheme: 50% by the subscriber and 50% matching contribution by the Central Government.
GS Paper: GS3
Syllabus Tags
Launched in August 2019 at Ranchi, Jharkhand, as part of the government's strategy to double farmers' income and provide comprehensive social security to the rural workforce.
Provision for 50% of the pension to the spouse in case of death of the subscriber after age 60.
Metric
19.25 Lakh
Source: Ministry of Agriculture & Farmers Welfare Dashboard
Metric
3.5 Lakh +
Source: PIB
PM-KMY addresses the structural vulnerability of Small and Marginal Farmers (SMFs) who lack traditional social security in their old age. By combining a contributory mechanism with a government matching grant, it creates a sustainable pension fund managed by LIC. However, the uptake has been slower than expected compared to the PM-KISAN cash transfer scheme. The main hurdle is the 'liquidity constraint' for poor farmers who find it difficult to commit to a 20-40 year contribution period. The option to deduct premiums directly from PM-KISAN benefits is a clever nudge to increase enrollment, but it requires better awareness among the grassroots population.
Examine the role of the PM-Kisan Maan Dhan Yojana in providing long-term social security to the agrarian workforce. What measures can be taken to increase its adoption among small farmers?
PM-KMY is a pillar of 'Inclusive Growth' and 'Farmer Welfare'. It shifts the focus from immediate income support to long-term financial security. In answers regarding agriculture distress, mention PM-KMY as a tool to mitigate the risk of poverty among elderly farmers. Contrast it with the Atal Pension Yojana to highlight its sector-specific focus on the farming community.