theIASHub | 26 Aug, 2024
Context: The Union Cabinet approved the Unified Pension Scheme (UPS), which will provide government employees with as- sured pension after retirement. The scheme will be effective from April 1, 2025, according to the government announcement.
Unified Pension Scheme (UPS)
o Assured Pension: Guarantees 50% of the employee’s average basic pay from the last 12 months before retirement, with a minimum qualifying service of 25 years. This amount decreases proportionately for shorter service periods, down to a minimum of 10 years.
o Assured Minimum Pension: Ensures a minimum pension of ₹10,000 per month if the employee retires after a minimum of 10 years of service.
o Assured Family Pension: Provides 60% of the retiree’s last drawn pension to their immediate family upon the retiree's death.
o Inflation Indexation: Pensions are adjusted for inflation using the All India Consumer Price Index for Industrial Workers, similar to the adjustment for serving employees.
o Lumpsum Payment at Superannuation: An additional benefit, calculated as 1/10th of the monthly emolument (pay plus dearness allowance) for every six months of completed service, paid along with gratuity.
Old Pension Scheme (OPS)
New Pension Scheme (NPS)
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