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The central government has made a big announcement about the pension scheme before the budget. The government has announced the implementation of Unified Pension Scheme for central government employees as an alternative. The scheme will be an alternative option under the National Pension System (NPS). The UPS has been prepared by combining major issues of old pension system (OPS) and NPS. The scheme has been brought with the objective of providing economic stability and economic security after retirement.
The purpose and eligibility of the scheme
The objective of the Unified Pension Scheme is to give a certain pension to government employees after their service life. This scheme will be applicable to employees who already come under NPS and choose UPS. According to the notification issued by the government, the payment will be given in these cases under this scheme.
Superandation (regular retirement): After completion of 10 years of service.
Retirement under FR 56 (J): When the government retires the employee under FR 56 (J) (it will not be under punishment).
Voluntary Retirement: After completion of minimum 25 years of service.
However, employees who dismiss, dismissal or resign from service will not get the benefit of this scheme.
What are the benefits of the scheme
On completion of 25 years of service, 50 percent of the average basic pay of 12 months before the supernuination will be given in the form of sure pension. Apart from this, the amount of pension will be given in proportion to service, less than 25 years of service. At the same time, after retirement after 10 or more years of service, a minimum pension of Rs 10,000 per month will be available. Whereas, after the death of the pensioner, his wife/husband will be given 60 percent of the pension. At the same time, dearness relief will be given to pensioners and their families with pension. It will act like dearness allowance and will be applicable after pension starts.
Lump equal payment and corpus structure
At the time of supernues, the employee will be given the basic pay and 10 % of the dearness allowance as a lamp for every 6 months of service. At the same time, two corpuses will be made under UPS. The first, individual corpus, in which both the employee and the government will contribute and the second pool corpus, in which additional government contribution will be. Apart from this, employees will contribute 10 percent of their basic pay and dearness allowance and the government will also contribute equally. In addition, the government will contribute 8.5 per cent for Pool Corpus. The scheme will be applicable from 1 April 2025.
Also read: A millionaire will make a government scheme in an investment of one lakh, know what is the way
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