Current Affair 1:

News:

1. Under PM-KMY, small and marginal farmers can enroll by paying a monthly subscription to the Pension Fund. Farmers aged between 18 and 40 years need to contribute between Rs. 55 to Rs. 200 per month until they turn 60.
2. The Central Government, through the Department of Agriculture Cooperation and Farmers Welfare, also contributes an equal amount as contributed by the eligible subscriber, to the pension Fund.
3. Once they reach the age of 60, enrolled farmers receive a monthly pension of Rs. 3,000.
4. The Life Insurance Corporation (LIC) manages the pension fund, and beneficiary registration is facilitated through Common Service Centres (CSCs) and State Governments.
5. All farmers with cultivable land holdings of up to 2 hectares and listed in state/UT land records as of 1st August 2019 are eligible for benefits under the scheme.
6. M-KISAN Benefit: SMFs can choose to use their PM-KISAN benefits to make voluntary contributions to the scheme.

Under the scheme, Bihar leads with over 3.4 lakh registrations while Jharkhand ranks second with over 2.5 lakh registrations.

Conclusion

Over five years of implementation, the PM-KMY has significantly empowered Small and Marginal Farmers (SMFs) across India. One of the key achievements of PM-KMY is its role in providing financial stability to farmers, many of whom face uncertain futures due to the seasonal nature of agriculture and fluctuating incomes.

By securing a pension for their retirement years, the scheme has addressed a significant gap in social security for the rural population. Its success over the past five years underscores its critical role in enhancing one of the country’s ‘Annadata’ quality of life.

 

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