In a big announcement ahead of assembly elections in one state and a Union Territory this year, the government has launched the Unified Pension Scheme (UPS) amid protests by several non-BJP-ruled states over the New Pension Scheme (NPS).
“This scheme will benefit 23 lakh central government employees (under the National Pension Scheme),” announced Union Information and Broadcasting Minister Ashwini Vaishnaw. The new scheme will be implemented from April 1, 2025 and employees will have the option to choose between the NPS or UPS.
The UPS, approved by the Union Cabinet chaired by Prime Minister Narendra Modi, aims to give assured pension, family pension and assured minimum pension to government employees:
As per the current pension scheme, employees contribute 10 per cent while the central government contributes 14 percent, which would be increased to 18.5 percent with the UPS.
“The Unified Pension Scheme ensures dignity and financial security for government employees, aligning with our commitment to their well-being and a secure future,” he added.
Last year, a committee under Finance Secretary TV Somanathan was set up to review the pension scheme for government employees and suggest changes in the light of the existing framework and structure of the National Pension System.
Under the OPS, retired government employees received 50 per cent of their last-drawn salary as monthly pensions. The amount keeps increasing with the hike in the Dearness Allowance (DA) rates.
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