CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Pradhan Mantri Kisan Maandhan Yojna (PM-KMY), which began on September 12, 2019, provides social security to land-holding Small and Marginal Farmers (SMFs) across India. This voluntary and contributory old-age pension system provides eligible farmers with a set monthly stipend of Rs. 3,000 after they reach the age of 60. Farmers contribute to the pension fund on a regular basis, and the central government matches their payments.
Successful Implementation Of PM-KMY
Small and marginal farmers can join PM-KMY by making a monthly contribution to the pension fund. Those aged 18 to 40 contribute between Rs. 55 and Rs. 200 every month till the age of 60. When they reach the age of 60, they are eligible for a monthly pension of Rs. 3,000, subject to exclusion requirements. The fund is managed by the Life Insurance Corporation (LIC), with registration facilitated via Common Service Centres (CSCs) and State Governments. As of August 6, 2024, 23.38 lakh farmers had enrolled in the initiative, with Bihar, Jharkhand, Uttar Pradesh, Chhattisgarh, and Odisha exhibiting particularly high participation.
Key Benefits Of PM-KMY
Minimum Assured Pension- After age 60, subscribers receive a monthly pension of Rs. 3,000.
Family Pension- If a subscriber dies, their spouse is entitled to a family pension of Rs. 1,500 per month, assuming the spouse is not a beneficiary.
PM-KISAN Benefit- SMFs can use their PM-KISAN benefits to make voluntary contributions by completing an enrolment-cum-auto-debit mandate form.
Equal Contribution by Government- The Central Government makes an equal contribution to the pension fund.
Monthly contributions- range from Rs. 55 to Rs. 200, depending on the farmer's enrollment age.
Entry Age-Specific Monthly Contribution Chart
The Enrolment Process
Farmers can sign up at Common Service Centers (CSCs) or by contacting the Nodal Officer (PM-Kisan) appointed by the state or UT governments. Registration is also available through the official website, www.pmkmy.gov.in. The required information includes-
Farmer’s/Spouse’s name and date of birth
Bank account number
IFSC/MICR Code
Mobile Number
Aadhaar Number
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