Unified Pension approved by Centre with assured family, minimum pension; know details

The Union Cabinet on Saturday approved the Unified Pension Scheme for government employees. 

Announcing the scheme, Union Minister Ashwini Vaishnaw said, "Today the Union Cabinet has approved Unified Pension Scheme (UPS) for government employees providing for the assured pension...50% assured pension is the first pillar of the scheme...second pillar will be assured family pension...About 23 lakh employees of the central government would benefit from the Unified Pension Scheme (UPS)...There will be an option for the employees to opt between NPS and UPS..."

Key Highlights of the Scheme

• 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

• Proportionate for lesser service period up to a minimum of 10 years of service

• Assured Family Pension: 60% of the pension of the employee immediately before her/his demise

• Assured Minimum Pension: Rs 10000 per month on superannuation after a minimum of 10 years of service