Why in the News?  

• In 2024, PM-KMY completes five successful years.   

About the Scheme 

• Launched: 2019 
• It provides social security to all land-holding Small and Marginal Farmers (SMFs) in their old age across the country. 
• This pension scheme is a voluntary and contributory pension scheme and the pension fund is managed by Life Insurance Corporation (LIC). 
• To qualify, farmers make monthly contributions to the pension fund during their working years, with an equal contribution from the Central Government. 
• Under this scheme, SMF aged between 18 and 40 years can enroll in a pension fund by paying a monthly subscription between Rs 55 and Rs 200 per month until they turn 60. 
• Once they reach the age of 60, enrolled farmers receive a monthly pension of Rs 3,000.  
• Beneficiary registration is facilitated through Common Service Centres (CSCs) and state governments. 
• Under this scheme, Bihar is leading with more than 3.4 lakh registrations while Jharkhand is in second place with more than 2.5 lakh registrations.

• Key benefits under PM-KMY 
  • Minimum Assured Pension 
  • Social Security to SMFs family 
  • Equal contribution by Government 
  • Easy and digital Nomination process 

Small and Marginal Farmers (SMFs) 

• Categorisation of Farmers