Unified pension scheme: The government has announced Unified Pension Scheme (UPS) for employees. The scheme will be applicable from 1 April 2025. The central government has launched a new pension scheme keeping in mind the financial safety after retirement of government employees. The scheme has been made by adding some benefits of Old Pension Scheme (OPS) and National Pension System (NPS). The purpose of UPS is to maintain their economic stability and respect by giving a fixed pension to the employees after retirement.
Unified Pension Scheme (UPS) will be implemented from 1 April 2025
Unified Pension Scheme (UPS) will be applicable from 1 April 2025. This will be applicable to government employees who are already registered under NPS and fulfill the conditions of the government.
Eligibility for Plan
The benefit of unified pension scheme will be available only to those employees who have completed at least 10 years of service.
Important point of eligibility
Supernancy (Retirement): Employees who have completed 10 years of service will get pension from the date of retirement.
Retirement under FR 56 (J): Employees who retire under this provision without any punishment will also be entitled to pension from the date of retirement.
Voluntary Retirement (VRS): After 25 years or more service, employees taking VRS will get the pension that would start at the age of their general retirement.
They will not get the benefits of UPS
However, the benefit of UPS will not be available to employees who resign or are removed or dismissed from service.
Calculation and benefits of pension
Pension in UPS will be decided on the basis of money and years of service.
Full pension: Employees doing 25 years or more services will get 50% of their last 12 months average of 50% pension.
Ratio Pension: Employees with service less than 25 years will get pension according to their service.
Minimum Guarantee: Employees with 10 years or more service will be given a fixed pension of at least Rs 10,000 monthly.
Family benefits after death
If the pensioner dies, then his widow/widow will get 60% of the pension. This pension will be given from the date of retirement under supernance, VRS or FR 56 (J).
Dearness Relief and other benefits
Inflation relief (DR) will also be applicable on pension received by employees and family under UPS. This relief will be given after pension starts. Apart from this, 10% of the total monthly salary (Basic + DA) will be given as a lump sum amount at the service of every 6 months at the time of retirement. This amount will not affect monthly pension.
Date and change of implementation
The UPS will be fully implemented from 1 April 2025. Employees will get a chance to choose the option between NPS and UPS. Employees retiring from the first service will also be given the option to take advantage of this scheme. The government will implement the top-up payment process for them. So that, he can join the new pension.
Benefits of the scheme
Unified pension scheme will guarantee a fixed and safe pension to government employees. This step will play an important role in securing the economic future of the employees as well as adding the benefits of both OPS and NPS.
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