Why in News?
The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY), a central sector scheme for farmer social security, completed seven years of implementation on September 12, 2026.
Key Points
- PM-KMY provides a minimum assured pension of ₹3,000 per month after age 60.
- It covers Small and Marginal Farmers with cultivable land up to 2 hectares and an entry age of 18–40 years.
- The contribution is shared 50:50 between the farmer and the Central Government, with monthly contributions of ₹55–₹200.
- If a subscriber dies after age 60, the spouse receives a 50% family pension.
Exam Connect
- PM-KMY → launched September 12, 2019 → voluntary + contributory old-age pension scheme → LIC acts as Pension Fund Manager