Lucknow Press
Unified Pension Scheme: The Narendra Modi government at the Center has now decided to launch Unified Pension Scheme (UPS) for government employees in place of New Pension Scheme (NPS). A consensus has been reached on this in the Union Cabinet meeting. Explaining about this decision,
Union Minister Ashwini Vaishnav said that the central government has announced a new pension scheme which will be named Unified Pension Scheme or UPS, guaranteeing 50% pension of the average monthly basic salary of the last 12 months.
Not one… many benefits
If an employee works for a minimum of 25 years, then at least 50 percent of the average salary of the last 12 months before retirement will be given as pension. If a pensioner dies, then his family will get 60 percent of the pension received at the time of death. If he leaves the job after 10 years, then he will get a pension of ten thousand rupees.
Under this, the benefit of pension linked to dearness allowance will be provided to reduce the effect of inflation. In addition, an accumulated amount will be paid to the employees at the time of retirement. This amount will be an additional amount earned during the employee’s tenure, which will be a fixed part of their monthly salary and this amount will keep increasing for every six months of service.
23 lakh employees benefited
With this scheme, about 23 lakh employees of the Central Government will benefit from the Unified Pension Scheme. Employees will have the option to choose either NPS or UPS. Under the Unified Pension Scheme, the benefit of inflation indexation will be available.
