In a landmark decision, the Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Unified Pension Scheme (UPS) on August 24, 2024. This scheme aims to provide financial security and stability to government employees, ensuring a dignified post-retirement life.
Table of Contents
Key Features of the Unified Pension Scheme
- Assured Pension: The scheme guarantees a pension amounting to 50% of the average basic pay drawn over the last 12 months prior to retirement. This is applicable for employees with a minimum qualifying service of 25 years. For those with lesser service periods, the pension will be proportionate, with a minimum qualifying service of 10 years.
- Family Pension: In the unfortunate event of an employee’s demise, the scheme ensures a family pension at 60% of the pension amount the employee was receiving.
- Minimum Pension: The scheme assures a minimum pension of ₹10,000 per month for employees who have completed at least 10 years of service.
- Inflation Indexation: The pension amounts, including the family pension and minimum pension, will be adjusted for inflation based on the All India Consumer Price Index for Industrial Workers (AICPI-IW).
- Lump Sum Payment: Upon superannuation, employees will receive a lump sum payment in addition to gratuity. This payment will be 1/10th of the monthly emoluments (pay + DA) for every completed six months of service.
Unified Pension Scheme: कैसे होगा ज्यादा फायदा, समझे पूरा गणित | UPS Pension Scheme | NPS VS UPS
Impact and Benefits
The Unified Pension Scheme is set to benefit approximately 23 lakh government employees currently under the National Pension System (NPS).
This move is expected to enhance the financial security of retirees, providing them with a stable income and reducing their dependence on family members or other sources of income.
Union Home Minister Amit Shah praised the scheme, highlighting its role in ensuring financial stability for government employees and their families.
Chief Minister Yogi Adityanath also expressed gratitude to Prime Minister Modi for this significant decision, emphasizing its positive impact on the lives of lakhs of government employees.
Unified pension scheme : Modi Cabinet की UPS को मंजूरी, क्या है OPS, NPS और UPS में अंतर
Conclusion
The approval of the Unified Pension Scheme marks a significant step towards improving the welfare of government employees in India.
By providing assured pensions, family pensions, and inflation-indexed benefits, the scheme aims to offer a secure and dignified retirement for those who have dedicated their lives to public service.
This initiative reflects the government’s commitment to the well-being of its employees, ensuring they are well-supported in their post-retirement years.
As the scheme rolls out, it is expected to bring about a positive change in the lives of many, reinforcing the social security framework in India.
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