Staff Reporter
The Union Cabinet, chaired by the Prime Minister Narendra Modi, today approved the Unified Pension Scheme (UPS). The salient features of the UPS are:
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. This pay is to be proportionate for lesser service period upto a minimum of 10 years of service.
2. Assured family pension: @60% of pension of the employee immediately after her/his demise.
3. Assured minimum pension: @10,000 per month on superannuation after minimum 10 years of service.
4. Inflation indexation: on assured pension, on assured family pension and assured minimum pension
5. Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of service employees
6. lump sum payment at superannuation in addition to gratuity. 1/10th of monthly emoluments (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
23 lakh central government employees would benefit from this scheme. It will be effective from 1st April 2025.
PM lauds government employees for their contribution in nation’s progress
Prime Minister Narendra Modi has lauded government employees for their contribution in the nation’s progress. After the cabinet’s decision on the Unified Pension Scheme, the Prime Minister in a social media post said that this Scheme ensures dignity and financial security for government employees.
He added that the scheme aligned with the government’s commitment to their well-being and a secure future. Prime Minister also highlighted the cabinet’s decision on Vigyan Dhara, stating that it will encourage innovation and scientific research among young minds.
On approval of the BioE3 (Biotechnology for Economy, Environment and Employment) Policy, Mr Modi said this decision is a landmark initiative that will foster High-Performance Bio-manufacturing. He added that it will also encourage scientific, industrial, and societal advancements in the times to come. Mr Modi noted that BioE3 will also be beneficial for environmental preservation and employment creation.
Meanwhile a delegation of staff side of Joint Consultative Machinery for Central Government employees today called on Prime Minister Narendra Modi in New Delhi. Secretary (Staff Side) National Council of Joint Consultative Machinery Shiv Gopal Mishra thanked Prime Minister for interacting with the delegation which represent 32 lakh employees. He lauded the government’s decision on Unified Pension Scheme.