The Central government employees will be given the option of choosing between National Pension Scheme (NPS) and UPS.
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New Delhi: The central government has announced new pension scheme under which employees to get minimum fund after retirement. Notably, the Central government employees will be given the option of choosing between National Pension Scheme (NPS) and UPS. Existing central government NPS subscribers will also be given the option to switch to UPS.
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Union Minister Ashwini Vaishnaw says, “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…”‘
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Unified Pension Scheme: Salient Features
- In the new pension scheme, 50% of the average basic pay drawn over the last 12 months prior to superannuation/ retirement for a minimum qualifying service of 25 years will be considered the average pension.
- The Assured Family Pension for the employees will be 60% of pension of the pension immediately before her/his demise.
- Assured Minimum Pension @10000 per month on superannuation after minimum 10 years of service.
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