In a major growth for presidency staff, the Union Cupboard has authorised the Unified Pension Scheme (UPS), offering an assured 50 per cent pension of the wage upon retirement. This determination, introduced by Union Minister Ashwini Vaishnaw, goals to supply enhanced safety and advantages for roughly 23 lakh central authorities staff.
The UPS is designed to switch the Nationwide Pension System (NPS) and is a response to the challenges confronted beneath the earlier OPS. Underneath this scheme, pensioners will obtain an assured 50 per cent of the typical fundamental pay of the final 12 months of service, supplied they’ve served for 25 years.
Vaishnaw outlined the important thing options of the UPS, stating, “Immediately the Union Cupboard has authorised Unified Pension Scheme (UPS) for presidency staff offering for the assured pension. The Unified Pension Scheme has 5 pillars. The (authorities) staff wished an assured quantity, which was a logical requirement. Thus, 50 per cent assured pension is the primary pillar of the UPS. This quantity would be the common of fundamental pay of 12 months earlier than superannuation. If somebody has labored for 25 years, then that individual will get this assured pension quantity.”
VIDEO | “The Unified Pension Scheme has 5 pillars. The (authorities) staff wished an assured quantity, which was a logical requirement. Thus, 50 per cent assured pension is the primary pillar of the UPS. This quantity would be the common of fundamental pay of 12 months earlier than… pic.twitter.com/gKTlZCBOc2
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“The second pillar might be assured household pension. About 23 lakh staff of the central authorities would profit from the Unified Pension Scheme (UPS). There might be an possibility for the staff to decide between NPS and UPS,” he added.
In response to calls for for pension reform, the federal government has authorised this scheme, which is able to come into impact on 1 April 2025. The brand new scheme will provide a pension of ₹10,000 for workers with ten years of service, and a full pension for these with 25 years of service.
Vaishnaw additional elaborated, “The opposition has solely engaged in politics over the Previous Pension Scheme (OPS). After reviewing varied schemes from world wide and consulting with quite a few stakeholders, the committee prompt the Unified Pension Scheme. The Cupboard has authorised the UPS, addressing the demand from staff for an assured quantity.”
 for government employees. The UPS provides an assured 50% pension of the salary upon retirement, replacing the National Pension System (NPS).){kind=link}