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PM-KMY is a voluntary contributory pension for eligible small and marginal farmers. It assures Rs 3,000 per month after age 60; more than 24.96 lakh farmers were enrolled by February 2026. Focus for UPSC: informal-sector pension design, matching contribution and rural social security.
WHY IN NEWS
The Pradhan Mantri Kisan Maandhan Yojana (PM-KMY) completed seven years, highlighting the role of contributory pensions in extending old-age social security to small and marginal farmers.
TOP DATA & FACTS
- PM-KMY was launched in 2019 as a voluntary and contributory pension scheme for eligible small and marginal farmers.
- It provides a minimum assured pension of Rs 3,000 per month after the subscriber reaches 60 years of age.
- By February 2026, more than 24.96 lakh farmers had enrolled nationwide.
- Haryana led enrolment with about 5.75 lakh farmers.
- Bihar ranked next with more than 3.46 lakh enrolled farmers.
- Government expenditure for implementation and outreach reached Rs 540.66 crore by February 2026.
- The scheme completed 7 years in 2026.
- Entry is designed for farmers in the 18-40 year age band, linking contribution levels to age at joining.
- Central support matches the subscriber's contribution, making the pension corpus jointly financed.
- The pension begins at age 60, creating a long-term retirement-security instrument rather than a short-term income transfer.
- PM-KMY complements PM-KISAN, which provides income support, by addressing a different life-cycle risk: old age.
- Digital enrolment and Common Service Centres reduce transaction costs for rural subscribers.
- Spousal/family provisions provide continuity of social protection subject to scheme rules.
- The scheme is relevant to debates on ageing, informal-sector pensions and universal social-security architecture.
PRELIMS
- PM-KMY was launched in 2019 as a voluntary and contributory pension scheme for eligible small and marginal farmers.
- It provides a minimum assured pension of Rs 3,000 per month after the subscriber reaches 60 years of age.
- By February 2026, more than 24.96 lakh farmers had enrolled nationwide.
- Haryana led enrolment with about 5.75 lakh farmers.
- Bihar ranked next with more than 3.46 lakh enrolled farmers.
- Government expenditure for implementation and outreach reached Rs 540.66 crore by February 2026.
- The scheme completed 7 years in 2026.
- Entry is designed for farmers in the 18-40 year age band, linking contribution levels to age at joining.