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Unified Pension Scheme
August 29 , 2024
88 days
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- The Union Cabinet approved the Unified Pension Scheme (UPS) for government employees.
- To qualify for this, employees must have a minimum of 25 years of service.
- The scheme will benefit 23 lakh central government employees.
- Retirees will now receive 50 percent of their average basic pay over the last 12 months before retirement as a pension for a minimum qualifying service of 25 years.
- The Government is increasing its contribution from 14 percent to 18.5 percent.
- Employee contribution will not increase.
- In case of a pensioner’s unfortunate demise, their family will receive 60% of the pension the employee was receiving.
- Rs 10,000 per month as pension, on superannuation after minimum 10 years of service, will be given.
- Lump-Sum Payment will be given at superannuation in addition to gratuity.
- Existing NPS / VRS with NPS as well as future employees will have an option of joining UPS.
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