UPS: The cabinet has approved a new scheme (UPS) of the NDA government i.e. Unified Pension Scheme, which is about assured pension after retirement of government employees. Know what this scheme is and what benefits will the government employees get from it.
The central government has made a big announcement for government employees and approved the Unified Pension Scheme (UPS). Union Minister Ashwini Vaishnav himself gave this information on Saturday. Under this scheme, government employees will be given assured pension after retirement.
What is Unified Pension Scheme?
Unified Pension Scheme is a new pension scheme for government employees under which a person will get pension after serving for 25 years. Which will be 50% of his average basic salary in the last year. On the other hand, if a pensioner dies, then his family will get only 60 percent of that pension. Apart from this, if a government employee works for only 10 years, then he will be given a pension of up to Rs 10 thousand, which can also be called minimum assured pension.
When will it be implemented
For your information, this scheme will be implemented from next year i.e. April 1, 2025. Along with this, Union Minister Ashwini Vaishnav said that the central government employees will have the right to choose whether they want to remain in the New Pension Scheme (NPS) or to join the Unified Pension Scheme (UPS). He further said that this will be available to all those people who have already retired under NPS since 2004. Indexation has also been added to this scheme. That means the pension of retired employees will keep increasing according to inflation, which will be added to the pension as Dearness Allowance.
