The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, approved the Unified Pension Scheme (UPS). This will benefit central government employees.
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. This pay is to be proportionate for lesser service periods upto a minimum of 10 years of service.
Assured family pension: @60% of pension of the employee immediately before her/his demise. Apart from this they will also get Assured minimum pension: @10,000 per month on superannuation after minimum 10 years of service.