TNI Bureau: In a significant decision impacting lakhs of employees, Union Cabinet under the Chairmanship of Prime Minister Narendra Modi Ji approved the Unified Pension Scheme (UPS).
Information and Broadcasting Minister Ashwini Vaishnaw said that about 23 lakh employees of the central Government would benefit from the UPS.
Key features of the Unified Pension Scheme:
1. 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 upto a minimum of 10 years of service.
2. Assured Family Pension
60% of pension of the employee immediately before her or his demise.
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3. Assured Minimum Pension
10,000 per month on superannuation after a minimum of 10 years of service.
4. Inflation Indexation
On assured pension, on assured family pension and assured minimum pension.
Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of serving employees.
5. Lump-Sum payment at superannuation in addition to gratuity.
1/10th of monthly emolument (pay + DA) as on the date of superannuation for every completed six months of service.
This payment will not reduce the quantum of assured pension.
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