New Delhi 24 August 2024
Government Introduces Unified Pension Scheme (UPS) for Employees
New Delhi 24 August 2024 ( PBJOBSOFTODAY)The Government of India has launched the Unified Pension Scheme (UPS) aimed at providing a comprehensive and assured pension to employees. The scheme, announced by the Department of Expenditure, offers the following key benefits:
ਪੰਜਾਬੀ ਵਿੱਚ ਪੜ੍ਹੋ: ਸਰਕਾਰ ਨੇ ਕਰਮਚਾਰੀਆਂ ਲਈ ਯੂਨਿਫਾਇਡ ਪੈਨਸ਼ਨ ਸਕੀਮ (UPS) ਦਾ ਸ਼ੁਰੂਆਤ ਕੀਤੀ
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1. **Assured Pension**: Employees will receive 50% of the average basic pay drawn over the last 12 months prior to superannuation, provided they have a minimum qualifying service of 25 years. For those with lesser service, the pension will be proportionate, but there is a minimum requirement of 10 years of service.
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2. **Assured Family Pension**: In the unfortunate event of an employee's demise, their family will receive 60% of the employee's pension immediately before the death.
3. **Assured Minimum Pension**: The scheme guarantees a minimum pension of ₹10,000 per month for employees who retire after a minimum of 10 years of service.
Inflation Indexation (Point 4):
- The assured pension, assured family pension, and assured minimum pension under the UPS are indexed to inflation. This means they will increase over time to match rising living costs.
- The inflation index used is the All India Consumer Price Index for Industrial Workers (AICPI-IW), the same index used for calculating the Dearness Allowance (DA) for current government employees.
Lump-Sum Payment at Superannuation (Point 5):
- In addition to the assured pension and gratuity, employees will receive a lump-sum payment upon retirement.
- The amount of this lump-sum payment is calculated as 1/10th of their monthly emoluments (pay + DA) on the date of retirement for every completed six months of service.
- This lump-sum payment does not affect the amount of the assured pension.
The UPS is a significant step towards ensuring financial security for government employees post-retirement, reinforcing the government's commitment to employee welfare.
