Unified Pension Scheme:The Union Cabinet headed by Prime Minister Narendra Modi has approved a new pension scheme for government employees. Government employees who choose this scheme will get 50 percent of their basic pension as pension. The name of the new pension scheme of the central government is Unified Pension Scheme i.e. UPS. The Union Cabinet has approved this new pension scheme. Information about this decisionRailway Minister Ashwini Vaishnav gave this information on Saturday. He said that 23 lakh central government employees will benefit from the new Unified Pension Scheme. This scheme will come into effect from April 1, 2025. This pension scheme will also be available for state government employees.
New pension scheme will give financial security to government employees: Modi
Regarding the Unified Pension Scheme, Prime Minister Modi said through the social media platform X that the UPS Unified Pension Scheme ensures the dignity and financial security of government employees. This step reflects our government’s commitment to their welfare and secure future.
We are proud of all the government employees who work hard for the progress of the country. The Unified Pension Scheme (UPS) ensures dignity and financial security of these employees. This step reflects our government’s commitment to their welfare and secure future.…
— Narendra Modi (@narendramodi) August 24, 2024
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Features of Unified Pension Scheme
The Unified Pension Scheme, which will come into effect from April 1, 2025, has replaced the old and new pension schemes.
Under this scheme, if any employee works for a minimum of 25 years, then 50 percent of his basic salary for the last 12 months of the job before retirement will be given as pension.
Government employees will get a pension of Rs 10,000 after completing 10 years of service.
If a pension receiving employee dies, then his family will get 60 percent of the pension he was getting till the time of his death.
If someone leaves the job after 10 years, he will also get a pension of Rs 10,000. Apart from gratuity, one will also get the benefit of lump sum payment on retirement.
The new scheme is to be implemented from April 1, 2025.But all those retiring under NPS from the time of its inception and those retiring by March 31, 2025 will also be eligible for all these benefits of UPS.
The Unified Pension Scheme will also apply to all those who have already retired under NPS since 2004.
Today the Union Cabinet has approved this Unified Pension Scheme and it will be implemented in the future.
After discussions with all, including the Reserve Bank of India and the World Bank, the committee has recommended a Unified Pension Scheme.
Union Minister Ashwini Vaishnav said that central government employees will have the right to decide whether to remain in the New Pension Scheme (NPS) or join the Unified Pension Scheme (UPS). The minister further said that government employees have demanded some changes in the National Pension Scheme. For this, Prime Minister Modi had constituted a committee headed by Cabinet Secretary TV Somanathan. This committee held more than 100 meetings with different organizations and almost all the states. There is a lot of difference in the way Prime Minister Modi and the opposition work. He said thatIn contrast to the opposition, PM Modi believes more in discussions.
Cabinet Secretary TV Somanathan said during a press conference today that the Unified Pension Scheme will also apply to all those who have already retired under NPS since 2004. Although the new scheme will come into effect from April 1, 2025, all those who have retired under NPS since its inception and those who retire by March 31, 2025 will also be eligible for all these benefits of UPS.
