Government workers will get an ensured minimum pension. It will be a family pension, and an assured pension under the Unified Pension Scheme (UPS). It was unveiled by the Center on Saturday.
Unified pension scheme
The revised pension plan will take effect on April 1, 2025. The plan was adopted by the Union Cabinet today. It ensures that if an employee completes a minimum of 25 years of service, they would get a pension equal to 50% of the average basic pay drawn during the previous 12 months. The pension will be commensurate with the amount of service provided.It guarantees a family pension equal to 60% of the employee’s pension just before their passing. Additionally, it ensures that after at least ten years of service, a minimum promised pension of Rs 10,000 per month will be paid upon superannuation. In accordance with the plan, for each completed six months of employment, there will be a lump sum payment at superannuation in addition to gratuity and one-tenth of monthly emolument (salary + DA (Dearness Allowance)). This contribution will not lower the employee’s guaranteed pension amount. According to Railways Minister Ashwini Vaishnaw, around 23 lakh central government employees who enlisted under the National Pension System (NPS) would receive benefits from the UPS.
