Cabinet approves Unified Pension Scheme for Central Govt Employees
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, approved the Unified Pension Scheme (UPS) on 24th Aug, 2024
The salient features of the UPS are:
- Assured pension: 50% of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. This pay is to be proportionate for lesser service period upto a minimum of 10 years of service.
- Assured family pension: @60% of pension of the employee immediately before her/his demise.
- Assured minimum pension: @10,000 per month on superannuation after minimum 10 years of service.
- Inflation indexation: on assured pension, on assured family pension and assured minimum pension Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of service employees
- lump sum payment at superannuation in addition to gratuity 1/10th of monthly emoluments (pay + DA) as on the date of superannuation for every completed six months of service this payment will not reduce the quantum of assured pension
– PIB
Follow us on WhatsApp, Telegram Channel, Twitter, Facebook and Android App for all latest updates
The minimum assured pension is Rs.10,000/- (as at above 3), as per the PENSION RULES would be chanced from 1-4-2025, so the BASIC PAY may be Rs.20,000/-. The basic pay 18,000/- to be 20,000/- as minimum. In view of minimum pension 10,000/-, other pay levels may also change.
This is my opinion. Wait and see. Any idea about this, give suggestions.