Question
It is a voluntary and contributory pension scheme for
small and marginal farmers aged between 18 and 40 years. 2. Beneficiaries must contribute monthly amounts ranging from ₹55 to ₹200, with the Central Government making equal matching contributions. 3. Upon turning 60, eligible farmers receive a fixed monthly pension of ₹3,000, provided they have contributed for at least 20 years. 4. Farmers owning more than 2 hectares of cultivable land as of 1 August 2019 are eligible to enroll in the scheme. Which of the above statements are correct?Solution
Statement 1 is correct: PM‑KMY is indeed a voluntary, contributory pension scheme for small and marginal farmers aged 18–40 years. Statement 2 is correct: Farmers contribute ₹55 to ₹200 per month (depending on their age), with the central government matching these contributions equally . Statement 3 is correct: After turning 60 and contributing for at least 20 years, farmers receive a fixed pension of ₹3,000 per month. Statement 4 is incorrect: Only farmers with up to 2 hectares of cultivable land as of 1 August 2019 are eligible; those with more land are excluded.
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