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Central sector pension scheme providing ₹3,000 monthly pension to farmers after age 60. Partnership with LIC.
Target Beneficiaries: 18.8 lakh farmers registered. Small and marginal farmers with up to 2 hectares land eligible.
Implementing Agency: Ministry of Agriculture & Farmers Welfare (through LIC as fund manager and CSCs for enrollment)
100
Funding Ratio (Centre:State): 50% by Subscriber : 50% by Central Government
GS Paper: GS2
Syllabus Tags
Launched in September 2019 to provide a safety net to small and marginal farmers who have no other source of pension.
Metric
23.38 Lakh
Source: PIB/Ministry of Agriculture
PM-KMY is a significant step toward social security for the most vulnerable segment of the farming community—Small and Marginal Farmers (SMFs). While it addresses the lack of old-age financial security, its voluntary-contributory nature is a hurdle. Low-income farmers often prioritize immediate consumption over long-term savings. The convergence with PM-KISAN (allowing auto-debit of premiums) is a smart administrative move, but the challenge remains the low real-term value of Rs. 3,000 per month twenty years from now due to inflation.
Examine the role of Pradhan Mantri Kisan Maandhan Yojana in providing social security to the unorganized agricultural sector.
Use as an example of 'Universal Social Security' in agriculture. Points to highlight: 1. Eligibility (18-40 years). 2. Voluntary and contributory nature. 3. 50:50 contribution by Farmer and Central Government. 4. Administration by LIC as the Pension Fund Manager.