NEW DELHI: After the Union Cupboard on Saturday authorised the Unified Pension Scheme (UPS) for presidency workers, which is able to present an assured minimal pension and a household pension, Prime Minister Narendra Modi stated that the brand new scheme will guarantee dignity and monetary safety for presidency workers.
“We’re pleased with the arduous work of all authorities workers who contribute considerably to nationwide progress. The Unified Pension Scheme ensures dignity and monetary safety for presidency workers, aligning with our dedication to their well-being and a safe future,” the Prime Minister stated in a publish on X.
Round 23 lakh Central authorities workers stand to learn from the Unified Pension Scheme. These workers will now have the choice to decide on between the New Pension Scheme (NPS) and the Unified Pension Scheme. The state governments may even be given the choice to go for the Unified Pension Scheme. If the state governments go for UPS, the variety of beneficiaries might be round 90 lakh.
The scheme might be efficient from April 1, 2025. Hailing the choice of the Cupboard chaired by Prime Minister Modi, Union Residence Minister Amit Shah stated in a publish on X: “Congratulations to our central authorities workers on the approval of the Unified Pension Scheme by PM Shri @narendramodi Ji within the Union Cupboard right this moment. With the approval of the scheme, the Modi govt has reiterated its dedication to the monetary safety of our central authorities workers, who kind the spine of the nation’s governance.”
As per the Cupboard resolution, Central authorities workers might be given the choice of selecting between NPS and UPS. The present Central authorities NPS subscribers may even be given the choice to change to UPS.
Highlights of Unified Pension Scheme:
* Assured pension of 50 per cent of the typical primary pay drawn during the last 12 months previous to superannuation for a minimal qualifying service of 25 years
* Proportionate for lesser service as much as a minimal of 10 years of service
* Assured Household Pension @ 60 per cent of pension of the worker instantly earlier than her/his demise
* Assured Minimal Pension @ Rs 10,000 monthly on superannuation after minimal 10 years of service
