Trending News
Unified Pension Scheme approved by PM Modi-led Cabinet; check salient features
Unified Pension Scheme: Prime Minister Narendra Modi-led Cabinet has on Saturday approved the Unified Pension Scheme for government employees. The decision was announced by Railway Minister Ashwini Vaishnaw in a press briefing. Vaishnaw said that the new Unified Pension Scheme will benefit 23 lakh central government employees.
The scheme will be effective from April 1, 2025.Central government employees will be given the option of choosing between National Pension Scheme (NPS) and UPS. Existing central government NPS subscribers will also be given the option to switch to UPS.
The scheme will be effective from April 1, 2025.Central government employees will be given the option of choosing between National Pension Scheme (NPS) and UPS. Existing central government NPS subscribers will also be given the option to switch to UPS.
Unified Pension Scheme: Top Things To Know
Some of the salient features of the scheme are:
- Assured Pension: 50% of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years
- Proportionate for lesser service up to a minimum of 10 years of service
- Assured Family Pension @60% of pension of the employee immediately before her/his demise
- Assured Minimum Pension @10000 per month on superannuation after minimum 10 years of service
- Inflation Indexation: On assured pension, on assured family pension and assured minimum pension Dearness relief based on All India Consumer Price Index for Industrial Workers (AICPI-W) as in case of serving employees
- Lump-sum payment at superannuation in addition to gratuity
- 1/10th of monthly emolument (pay + DA) as on the date of superannuation for every completed six months of service
- This payment will not reduce the quantum of assured pension
This is a developing story
