Report Wire

Tag: Unified Pension Scheme

  • Big News For Central Government Employees: Pensions Hiked To This Much Under Unified Pension Scheme | Economy News

    New Delhi: Union Cabinet approves assured 50 percent of salary as pension for government employees under Unified Pension Scheme. The Narendra Modi-led central government has decided to replace the New Pension Scheme (NPS) with this new plan. The scheme will come into effect on April 1, 2025.

    The decision was confirmed in a recent Union Cabinet meeting. According to Minister Ashwini Vaishnaw, the Unified Pension Scheme (UPS) will ensure a pension of 50 per cent of the average monthly basic salary over the past 12 months, aiming to provide better financial security for government employees.

    #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

    Under this scheme, a dearness allowance will be attached to the pension to help offset the impact of inflation. Further, employees will receive a lump sum payment at the time of retirement. This payment will be an accumulated amount earned during their service which will be a fixed portion of their monthly salary and will increase with every six months of service.

    If an employee has worked for at least 25 years, they will receive a pension of at least 50 percent of their average salary from the last 12 months before retirement. In case of the pensioner’s death, their family will receive 60 per cent of the pension amount. Further, if someone leaves their job after 10 years, they will receive a pension of Rs 10,000.

    23 Million Employees To Benefit

    Approximately 2.3 million central government employees will benefit from this new Unified Pension Scheme. Employees will have the option to choose between the NPS and the UPS. The Unified Pension Scheme will also include benefits linked to inflation indexing.

  • Unified Pension Scheme For Central Government Employees: PM Modi Hails UPS, Says… |

    NEW DELHI: After the Union Cabinet on Saturday approved the Unified Pension Scheme (UPS) for government employees, which will provide an assured minimum pension and a family pension, Prime Minister Narendra Modi said that the new scheme will ensure dignity and financial security for government. employees.

    “We are proud of the hard work of all government employees who contribute significantly to national progress. The Unified Pension Scheme ensures dignity and financial security for government employees, aligning with our commitment to their well-being and a secure future,” the Prime Minister said in a post on

    Around 23 lakh Central government employees stand to benefit from the Unified Pension Scheme. These employees will now have the option to choose between the New Pension Scheme (NPS) and the Unified Pension Scheme. The state governments will also be given the option to opt for the Unified Pension Scheme. If the state governments opt for UPS, the number of beneficiaries will be around 90 lakh.

    The scheme will be effective from April 1, 2025. Hailing the decision of the Cabinet chaired by Prime Minister Modi, Union Home Minister Amit Shah said in a post on by PM Shri @narendramodi Ji in the Union Cabinet today. With the approval of the scheme, the Modi government has reiterated its commitment to the financial security of our central government employees, who form the backbone of the nation’s governance.”

    As per the Cabinet decision, Central government employees will be given the option of choosing between NPS and UPS. The existing Central government NPS subscribers will also be given the option to switch to UPS.

    Highlights of Unified Pension Scheme:

    * Assured pension of 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years * Proportionate for lesser service up to a minimum of 10 years of service * Assured Family Pension @ 60 per cent of pension of the employee immediately before her/his demise * Assured Minimum Pension @ Rs 10,000 per month on superannuation after minimum 10 years of service