Context:
Recently, the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), launched on 12th September 2019, has completed five successful years.
Relevance:
GS II- Welfare Schemes
Dimensions of the Article:
- Pradhan Mantri Kisan Maandhan Yojana (PM-KMY)
- About PM KISAN
Pradhan Mantri Kisan Maandhan Yojana (PM-KMY):
- The program is designed to provide social security to landholding Small and Marginal Farmers, defined as those possessing up to two hectares of land.
- As of August 2024, approximately 23.38 lakh farmers are registered, with the highest numbers in Bihar and Jharkhand.
- Significant enrollments include over 2.5 lakh from Uttar Pradesh, 2 lakh from Chhattisgarh, and 1.5 lakh from Odisha, indicating a broad acceptance across regions.
Key Benefits of PM-KMY:
- Contribution Structure: Participants contribute between Rs 55 and Rs 200, based on age, which is matched by the Central Government.
- The Central Government contributes an equal amount to the pension fund as the subscriber.
- Pension Benefits: Eligible subscribers receive a minimum pension of Rs 3,000 monthly after turning 60 years old.
- Spousal Benefits: In the event of a subscriber’s death, a spouse not already benefiting from the scheme receives a monthly family pension of Rs 1,500.
- Integration with PM-KISAN: Small and Marginal Farmers can fund their contributions via the Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) with an auto-debit setup.
Exiting the Scheme:
- Premature Termination: Subscribers leaving before age 60 can reclaim their contributions plus accrued interest.
- After Subscriber’s Death: Should the subscriber pass away while receiving the pension, the spouse gets 50% of the original pension amount. If both the subscriber and spouse pass, the remaining funds are returned to the pension pool.
Scheme Management:
- Administrative Body: The pension scheme is administered by the Life Insurance Corporation of India (LIC), with registrations managed through Common Service Centres (CSCs) and State Governments.
About PM KISAN
Nodal: Ministry of Agriculture and Farmers Welfare
- The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) Scheme is a Central Sector Direct Benefit Transfer (DBT) Scheme.
- Under the scheme an income support of 6,000/- per year in three equal installments will be provided to small and marginal farmer families having combined land holding/ownership of upto 2 hectares.
- The Scheme initially provided income support to all Small and Marginal Farmers’ families across the country, holding cultivable land upto 2 hectares.
- Its ambit was later expanded to cover all farmer families in the country irrespective of the size of their land holdings.
- Definition of family for the scheme is husband, wife and minor children.
- State Government and UT administration will identify the farmer families which are eligible for support as per scheme guidelines.
- The fund will be directly transferred to the bank accounts of the beneficiaries.
- There are various Exclusion Categories for the scheme.
-Source: Indian Express, PIB
