Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is a voluntary, contributory old-age pension scheme for small and marginal farmers that pays an assured pension of Rs 3,000 a month from the age of 60, with the farmer’s monthly contribution of Rs 55 to Rs 200 matched rupee for rupee by the Central Government and the fund managed by LIC.
Context
- On 12 September 2026 PM-KMY completed seven years; it was launched on 12 September 2019 at Ranchi along with the Pradhan Mantri Kisan Samman Nidhi’s expansion.
- The scheme is run by the Ministry of Agriculture and Farmers Welfare, with the Life Insurance Corporation of India as the pension fund manager and Common Service Centres as the enrolment points.
Who Is Eligible
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- Small and marginal farmers with cultivable land of up to 2 hectares, as recorded in the state or UT land records as on 1 August 2019.
- Age 18 to 40 at entry.
- Not covered by any other statutory social security scheme such as EPFO, ESIC or NPS, and not enrolled in PM Shram Yogi Maandhan or the traders’ pension scheme.
- Income-tax payers and institutional landholders are excluded; PM-KISAN beneficiaries may opt to have the contribution deducted from their PM-KISAN instalments.
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How the Pension Works
- Contribution: Rs 55 a month at age 18 rising to Rs 200 a month at age 40, paid until the age of 60; the Central Government contributes an equal amount to the pension fund.
- Benefit: a fixed pension of Rs 3,000 a month for life after 60.
- Family pension: on the pensioner’s death the spouse receives 50% (Rs 1,500 a month); a spouse may also continue the scheme by paying the remaining contributions if the farmer dies before 60.
- Exit: within 10 years – the farmer’s contribution is returned with savings-bank interest; after 10 years but before 60 – contribution with accumulated interest at the fund’s rate or savings-bank rate, whichever is higher.
- Enrolment is free at CSCs; the government bears the enrolment fee.
Progress and Issues
- About 23-24 lakh farmers have enrolled – far below the 5 crore target set in 2019 – because the contributions run for two decades and rural households prefer liquid savings.
- The scheme belongs to the family of Maandhan pensions: PM Shram Yogi Maandhan (unorganised workers, 2019) and the National Pension Scheme for Traders and Self-Employed (2019), all with the same Rs 3,000 pension and matching contribution model.
Important Facts for Examsmost asked
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- PM-KMY launched 12 September 2019 (Ranchi); completed seven years on 12 September 2026; ministry – Agriculture and Farmers Welfare; fund manager – LIC.
- Eligibility: landholding up to 2 hectares, age 18-40, land records as on 1 August 2019.
- Contribution Rs 55-200 a month, matched equally by the Centre; pension Rs 3,000 a month at 60; spouse gets 50% family pension.
- Contributions may be deducted from PM-KISAN benefits; enrolment through CSCs.
- Sister schemes: PM Shram Yogi Maandhan (unorganised workers) and the traders’ pension scheme.
FAQs
Can both husband and wife join PM-KMY?
Yes, if each is an eligible small or marginal farmer; each gets a separate Rs 3,000 pension.
What is the difference between PM-KISAN and PM-KMY?
PM-KISAN is an income-support transfer of Rs 6,000 a year to landholding farmers; PM-KMY is a contributory pension for old age. A farmer can be in both.
Why is PM-KMY asked in NABARD Grade A?
Social security for farmers is part of the ARD and ESI syllabus; the eligibility age, contribution range, pension amount and the LIC role are the standard questions.
