Cabinet approves Unified Pension Scheme for central government employees
By Our Correspondent
Agartala, Updated: August 26, 2024, 08:19:32 AM
The Union
Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, approved the
Unified Pension Scheme (UPS) for central government employees with assured
pension post-retirement on 24th August, 2024. The five key features
of UPS are 50% assured pension; Assured Family Pension; Assured Minimum
Pension; Inflation with Indexation and Lump-Sum payment at
superannuation in addition to gratuity.
As per the
Unified Pension Scheme government employees will get 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 period upto a minimum of 10 years of service. Assured family
pension@60% of pension of the employee will be provided immediately before
her/his demise. The scheme will provide minimum pension of Rs.10,000/- per
month on superannuation after minimum 10 years of service. The UPS also ensures
inflation indexation on assured pension, on assured family pension and assured
minimum pension. Under this scheme the employee will get lump sum payment at
superannuation in addition to gratuity.This will be calculated as1/10th of
monthly emoluments (pay + DA) as on the date of superannuation for
every completed six months of service. Provisions of UPS will apply to
past retirees of New Pension Scheme (NPS) (who
have already superannuated) and for that arrears for past period will be paid
with interest @PPF rates.
The scheme
will be effective from 1st April, 2025 and this scheme is going to
benefit the central government employees across the country. The scheme has
also been designed for adoption by State Governments and the State Governments
can choose this option for the benefit of those employees who are presently on NPS.
CPRO, NFR Kapinjal
Kishore Sharma informed this in a press release.
(Tripurainfo)