For all land-holding Small and Marginal Farmers (SMFs) across the country, the Pradhan Mantri Kisan Maandhan Yojna (PM-KMY) has proven to be a boon. Launched on September 12, 2019, the PM-KMY provides social security to these cultivators. The old-age pension program, nearing its five-year milestone, is a voluntary and contributory scheme.
Under this initiative, eligible small and marginal farmers receive a fixed monthly pension of Rs. 3,000 upon reaching 60 years of age. To avail of these benefits, farmers must contribute to the pension fund every month during their working years, with matching contributions from the central government.
Farmers can enroll in the PM-KMY by paying a monthly subscription to the Pension Fund. Those aged 18-40 need to contribute between Rs. 55 and Rs. 200 per month until they turn 60, after which they start receiving a monthly pension of Rs. 3,000.
However, they must meet the scheme's eligibility criteria. The Life Insurance Corporation (LIC) manages the pension fund, and beneficiary registration is facilitated through Common Service Centres (CSCs) and State Governments. All farmers with cultivable land holdings of up to 2 hectares, listed in state/UT land records as of August 1, 2019, are eligible for benefits under the scheme. As of August 6, 2024, a total of 23.38 lakh farmers have joined the scheme.
According to official data, Bihar leads with over 3.4 lakh registrations under the scheme, followed by Jharkhand with over 2.5 lakh registrations. Uttar Pradesh, Chhattisgarh, and Odisha have over 2.5 lakh, 2 lakh, and 1.5 lakh farmer registrations, respectively. The large number of registrations reflects strong uptake in these states, highlighting the scheme's reach and impact in providing social security to farmers. This widespread participation also underscores the growing awareness and adoption of the PM-KMY initiative among small and marginal farmers.
Key Benefits Under PM-KMY
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Minimum Assured Pension: Each subscriber is guaranteed a minimum monthly pension of Rs. 3,000 upon reaching the age of 60.
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Family Pension: If a subscriber passes away while receiving the pension, their spouse will be entitled to a monthly family pension equal to 50 percent of the amount the subscriber was receiving, i.e., Rs. 1,500. This is applicable only if the spouse is not already a beneficiary of the scheme. The family pension benefit is exclusively for the spouse.
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PM-KISAN Benefit: Cultivators qualifying as Small and Marginal Farmers can use their PM-KISAN benefits for voluntary contributions to the scheme. To do this, eligible SMFs must sign and submit an enrolment-cum-auto-debit-mandate form, authorizing automatic debit of their contributions from the bank account where their PM-KISAN benefits are credited.
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Equal Contribution by Government: The Central Government, through the Department of Agriculture Cooperation and Farmers Welfare, contributes an equal amount to the Pension Fund as that contributed by the eligible subscriber.
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Monthly Contributions: Contributions range from Rs. 55 to Rs. 200, depending on the farmer's age at the time of entry into the scheme.
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Enrolment Process: To enroll in the scheme, eligible farmers need to visit the nearest Common Service Center (CSC) or contact the Nodal Officer (PM-Kisan) appointed by the State or UT Governments. Registration can also be completed through the scheme's official web portal at www.pmkmy.gov.in.
At the time of registration, beneficiaries must provide the following information:
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Farmer’s/Spouse’s name and date of birth
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Bank account number
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IFSC/MICR Code
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Mobile Number
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Aadhaar Number
Officials state that over the past five years, the PM-KMY has significantly empowered Small and Marginal Farmers (SMFs) across India.
