Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is a pension scheme launched by the Government on September 12, 2019, to provide old-age financial support to small and marginal farmers. The scheme aims to ensure a secure and dignified life after 60 by offering a monthly pension of Rs 3,000.
Who is Eligible?
The scheme is designed for small and marginal farmers who own up to 2 hectares of cultivable land, as recorded on August 1, 2019.
To qualify:
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The farmer must be between 18 and 40 years of age.
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Should not be covered under any other government pension scheme.
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Must possess an Aadhaar card and a savings bank account.
How Does the Scheme Work?
The scheme functions on a voluntary and contributory basis. Eligible farmers contribute monthly until they turn 60. Upon reaching 60 years, they receive a guaranteed monthly pension of Rs 3,000.
The Central Government matches the farmer’s contribution, meaning for every rupee a farmer puts in, the government adds the same amount.
PM-KSY: Monthly Contribution
The monthly contribution under PM-KMY depends on the farmer's age at the time of joining. Younger farmers pay less each month, while older farmers contribute a bit more to ensure the same pension benefits. The government matches the farmer’s contribution, making it a joint investment toward their retirement. Here's a quick look at how contributions vary with age:
|
Age at Entry |
Monthly Contribution (Farmer + Govt) |
|
18 years |
Rs 55 + Rs 55 = Rs 110 |
|
30 years |
Rs 110 + Rs 110 = Rs 220 |
|
40 years |
Rs 200 + Rs 200 = Rs 400 |
The contribution stops when the farmer turns 60. After that, the pension starts.
Pradhan Mantri Kisan Maandhan Yojana Benefits
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Monthly Pension: Rs 3,000 per month after the age of 60.
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Family Pension: In case of the subscriber’s death, the spouse receives 50% of the pension (Rs 1,500/month).
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Government Matching: The government contributes an equal amount every month.
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PM-KISAN Auto-debit Option: Farmers receiving PM-KISAN benefits can opt to auto-debit their contributions directly.
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Portable & Centralized: Farmers can join from any state, and LIC manages the pension fund.
As of August 6, 2024, more than 23.38 lakh farmers have registered under the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), reflecting a strong and growing interest in the scheme. This rising enrollment highlights increasing awareness among farmers and growing trust in the government’s efforts to provide them with financial security in their later years.
How to Enroll in PM-KSY
Enrollment is easy and farmer-friendly:
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Visit the nearest Common Service Centre (CSC).
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Submit documents like Aadhaar, landholding details, and bank account information.
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Select your contribution plan based on age.
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Register with biometric authentication.
Farmers can also contact their state’s PM-Kisan nodal officer for support.
What Happens on Exit or Death?
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If a subscriber exits the scheme before the age of 60, they receive the contribution made along with savings bank interest.
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If the subscriber dies, the spouse can continue the scheme or withdraw the amount.
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In case both the subscriber and spouse die, the accumulated fund is returned to the nominee.
Why PM-KSY Matters
Farmers are the backbone of India’s economy, yet most small and marginal farmers lack retirement savings. With irregular incomes and rising healthcare costs, old-age security becomes a challenge.
Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) addresses this gap by offering a safe and simple pension plan that encourages early savings habits and promotes financial independence after retirement.
Farmers are urged to take advantage of the Pradhan Mantri Kisan Maandhan Yojana to secure their future with a guaranteed pension. Enrolling early ensures lower monthly contributions and long-term financial stability after retirement.
