The central government has given a big relief to the employees by announcing a new pension scheme. Its name will be Unified Pension Scheme or UPS. Know who will get how much pension after retirement.
Unified Pension Scheme: Modi government has given a big gift to the government employees. The central government has announced a new pension scheme. Its name will be Unified Pension Scheme or UPS, which will be implemented on 1 April 2025. Union Information and Broadcasting Minister Ashwini Vaishnav has said that it has been decided to launch Unified Pension Scheme (UPS) i.e. Integrated Pension Scheme for government employees, consensus has been reached on this in the Union Cabinet meeting. It is worth noting that PM Narendra Modi had talked to the employee organizations today.
Unified Pension Scheme: Inflation indexation will be available, this benefit will also be available in gratuity
Inflation indexation benefit will be available in UPS. Apart from gratuity on retirement, one-tenth of the monthly salary (salary + DA) will be added to the accumulated amount for every six months of service and will be paid on retirement. If an employee has worked for a minimum of 25 years, then at least 50 percent of the average salary of the last 12 months before retirement will be given as pension. Apart from this, if a pensioner dies, then his family will get 60 percent of the pension received at the time of death.
Unified Pension Scheme: 10 thousand rupees pension will be given on leaving the job after 10 years
Under the Unified Pension Scheme, if someone leaves the job after 10 years of service, he will get a pension of ten thousand rupees. Union Minister Ashwini Vaishnav said that employees will also get the option to choose between New Pension Scheme and Unified Pension Scheme. The first pillar of this new pension scheme is 50 percent pension after retirement. At the same time, the second pillar is the pension received by the family. Ashwini Vaishnav said that about 23 lakh employees will benefit from the Unified Pension Scheme (UPS) of the Central Government.
#WATCH | Union Minister Ashwini Vaishnaw says, “Today the Union Cabinet has approved Unified Pension Scheme (UPS) for government employees providing for the assured pension…50% assured pension is the first pillar of the scheme…second pillar will be assured family… pic.twitter.com/HmYKThrCZV
— ANI (@ANI) August 24, 2024
Unified Pension Scheme: PM Narendra Modi wrote- ‘Proud of all government employees’
PM Narendra Modi wrote on the cabinet decision, ‘We are proud of all the government employees who work hard for the progress of the country. The Unified Pension Scheme (UPS) ensures the dignity and financial security of these employees. This step reflects our government’s commitment to their welfare and secure future.’
देश की प्रगति के लिए कठिन परिश्रम करने वाले सभी सरकारी कर्मचारियों पर हमें गर्व है। यूनिफाइड पेंशन स्कीम (UPS) इन कर्मचारियों की गरिमा और आर्थिक सुरक्षा को सुनिश्चित करने वाली है। यह कदम उनके कल्याण और सुरक्षित भविष्य के लिए हमारी सरकार की प्रतिबद्धता को दर्शाता है।…
— Narendra Modi (@narendramodi) August 24, 2024
Unified Pension Scheme: New Pension Scheme was implemented in 2004
The old pension scheme was abolished in 2004. The new pension scheme was implemented in the same year. In the new pension scheme, 10 percent of the employee’s salary is deducted for pension contribution. At the same time, the government contributes 14 percent. Gratuity is not included in the new pension scheme. At the same time, how much pension will be received after retirement is not pre-determined but depends on the fluctuations of the market.