Which of the following reflects a unique structural feature of the Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) that differentiates it from other pension schemes for informal sector workers in India?
Show answer & explanation
Correct answer: C
Explanation
Solution: The correct answer is It operates as a contributory and voluntary pension scheme, where the Central Government matches the farmer's monthly contribution, and enrollment is restricted to farmers owning less than 2 hectares of land aged 18–40 years.
Explanation:
☛ Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) is a voluntary and contributory pension scheme designed for old-age protection and social security of Small and Marginal Farmers (SMFs).
☛ Eligibility Criteria: Farmers owning cultivable land up to 2 hectares and entering the scheme between 18 to 40 years of age are eligible.
☛ Equal Matching Contribution: The beneficiary makes a monthly contribution ranging from ₹55 to ₹200 (based on entry age), and an equal matching amount is contributed by the Central Government.
☛ Pension Benefit: Subscribers receive an assured minimum monthly pension of ₹3,000 upon attaining 60 years of age.
Extra Exam-Relevant Facts:
☛ Launch Date & Venue: PM-KMY was launched on 12 September 2019 in Ranchi, Jharkhand.
☛ Pension Fund Manager: The Life Insurance Corporation of India (LIC) acts as the Pension Fund Manager and is responsible for pension payouts.
☛ Family Pension Provision: If the pensioner dies, the spouse is entitled to receive 50% of the pension (₹1,500 per month) as family pension, provided the spouse is not already a beneficiary of the scheme.
☛ Integration with PM-KISAN: Beneficiaries can opt to have their monthly contributions directly debited from the financial assistance received under the PM-KISAN scheme.
Important One-Liners for Upcoming Exams:
☛ Which nodal ministry administers the PM-KMY scheme? → Ministry of Agriculture and Farmers Welfare
☛ What is the minimum monthly pension guaranteed under PM-KMY? → ₹3,000 per month
☛ What is the monthly contribution range for beneficiaries under PM-KMY? → ₹55 to ₹200 per month
☛ What is the maximum landholding limit to be eligible for PM-KMY? → Up to 2 hectares of cultivable land
☛ Which organisation manages the pension fund for PM-KMY? → Life Insurance Corporation of India (LIC)