Unified Pension Scheme: If you are a government employee then this news can be special for you. Let us tell you that a big announcement has been made by the central government for all the employees. In this announcement, the government has introduced the Unified Pension Scheme i.e. UPS Pension Scheme in place of New Pension Scheme for government employees. The consent of the Union Cabinet meeting has been taken about this.
The special thing about this scheme is that if an employee works for at least 25 years, then 50 percent of the basic pay of the last 12 months of the job before retirement will be provided as pension. On the other hand, if a pensioner dies, then 60 percent of the pension will be provided to his family. Apart from this, if an employee leaves the job after 10 years, then he will be given Rs 10,000 as pension.
All the information about this decision taken by the cabinet was given by Railway Minister Ashwini Vaishnav. The Railway Minister said that after the implementation of UPS, about 23 lakh central employees will get the benefit. This scheme of the government will be implemented from 1 April 2025 next year. Let us tell you that the government will give the option to the government employees to choose either of the schemes in NPS and UPS.
At the same time, the existing NPS customers will be given the opportunity to choose UPS by the central government. A committee was formed by the same government to reform the NPS under the chairmanship of the then Finance Secretary TV Somanathan. This committee also studied many pensions of the whole country and the world.
Important things about UPS
Let us tell you that the employees were also demanding assured amount. Under UPS, 50 percent assured pension will be provided to the employees after retirement. This will be 50 percent of the average basic pay of 12 months before retirement. In this, all the employees will be provided pension in 25 years of service.
If the employee dies due to any reason, then provision of family pension will be available through this scheme. Under which 60 percent of the pension received will be given to his family. If an employee works for less than 25 years, he will be given Rs 10,000 as pension.