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Centre's Unified Pension Highlights: Assured Min Pension of 10k for min 10 yrs service
In a major announcement, the Union Cabinet cleared the Unified Pension Scheme (UPS) for Central government employees. The key tenets of the scheme are: Assured Pension, Assured Family Pension & Assured Minimum Pension. The scheme will be given effect from 1.4.2025 and would benefit ~ 23Lakh central govt employees.
As per the cabinet decision, under assured pension, employees will get 50% of the average basic pay drawn over the last 12 months prior to superannuation. The minimum qualifying service tenure of service in this case will be 25 years. The same will be applicable proportionately for lesser service period up to a minimum of 10 years of service.
The second key feature of the scheme is the assured family pension. Under the assured family pension, the benefits will be provided to the tune of 60% of the pension of the employee immediately before her/his demise.
The scheme also assures a minimum pension to govt employees. In this case, an employee is eligible for Rs 10,000 per month on superannuation after a minimum 10 years of service.
Other Highlights of the Scheme
Provisions of UPS will apply to past retirees of NPS (who have already superannuated) and arrears for the past period will be paid with interest at PPF rates.
UPS will be available as an option to the employees. Existing as well as future employees will have the option of joining NPS or UPS. Choice, once exercised, will be final.
Under the UPS, employee contribution will not increase. However, the government will make the additional contribution which has increased from 14 to 18.5%.