Unified Pension Scheme: Check scheme date, eligibility, features and other details
By Team Asianet Newsable | First Published Aug 25, 2024, 11:06 AM ISTAddressing the longstanding demands of government employees, the Cabinet, led by Prime Minister Narendra Modi, approved the Unified Pension Scheme (UPS), which guarantees this assured pension. Check scheme date, eligibility, features and other details.
The Union Cabinet on August 24 delivered a significant boost to 23 lakh central government employees by approving a guaranteed pension of 50% of their salary for those who joined the service after January 1, 2004, under the National Pension System (NPS). The Unified Pension Scheme (UPS), which ensures this secured pension, was adopted by the Cabinet under the direction of Prime Minister Narendra Modi in response to the long-standing requests of government employees.
Unified Pension Scheme: Check out eligibility
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If an employee chooses the Unified Pension Scheme and has completed a minimum of 25 years of qualifying service, they will be guaranteed a pension equal to 50% of the average basic pay received during the final year before to retirement. According to Information and Broadcasting Minister Ashwini Vaishnaw, the pension would be proportionately modified for people with a lesser service duration, down to a minimum of 10 years.
Unified Pension Scheme: Check out features and benefits
The new pension scheme also guarantees an assured minimum pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service. He said this option scheme will benefit 23 lakh central government employees, adding that the number would rise to 90 lakh if state governments want to join the scheme.
Vaishnaw revealed several details of UPS, including the promise that a deceased employee's spouse would get an assured family pension. Furthermore, the guaranteed minimum pension, guaranteed family pension, and secured pension would all be inflation-indexed. According to the minister, Dearness Relief would be granted to serving workers, with the basis being the All India Consumer Price Index for Industrial Workers (AICPI-IW).
Unified Pension Scheme: Scheme date
The new scheme will be applicable from April 1, 2025. Up to March 31, 2025, persons who are retired or retiring under the NPS will be eligible for benefits under the Unified Pension Scheme. Arrears will be available to them.
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