The Central Government of India launched the Unified Pension Scheme (UPS) on 24th August 2024. The UPS Scheme will come into effect from 1st April 2025. UPS is currently one of the top priorities on the Government’s agenda and is expected to Benefit 23 lakh Central Government employees. Reports say that Cabinet Secretary TV Somanathan is holding regular meetings with key ministries and departments to ensure a smooth transition to the new Pension Scheme. Continue reading the article for all the Information about the Unified Pension Scheme Scheme, Details and Benefits.
What is the Unified Pension Scheme?
The Central Government of India has announced the Unified Pension Scheme (UPS) for Government employees. It will provide an assured Pension equal to 50% of the average basic pay received during the last 12 months of Service for those who have completed 25 years of Service. The Scheme includes an assured family pension in which 60% of the employee’s pension will be paid to his family after his death. The UPS also promises a minimum Pension of Rs 10,000 per month, provided the person has completed at least 10 years of Government Service. The scheme is expected to Benefit around 2.3 million Central Government employees.
Read More :- Vidhwa Pension Yojana
Key Highlights of Unified Pension Scheme
| Scheme Name | Unified Pension Scheme (UPS) |
| Announced Date | 24th August 2024 |
| Implementation Date | 1st April 2025 |
| Beneficiaries | Central Government employees |
| Benefits | A pension of 50% of the average basic pay over the last 12 months before retirement for employees having at least 25 years of Service, Rs. 10,000 per month upon superannuation after a minimum of 10 years of service. |
Unified Pension Scheme minimum Amount
- The Scheme provides a minimum pension of Rs 10,000 per month to government employees who retire after completing at least 10 years of Service.
Benefits of UPS
- Retired employees will receive a Pension of 50% of their average basic salary during the last 12 months before Retirement. This benefit is provided to employees with at least 25 years of Service.
- An employee with at least 10 years of Service will also get Rs 10,000 per month on Retirement.
- In case of death of the pensioner, 60% of the Pension immediately before the death of the retired person will be paid to his/her spouse.
- The Scheme caters to a wide range of workers including the formal and informal sectors.
Eligibility Criteria
- Government employees who have completed at least 10 years of Service are eligible for a fixed Pension Amount.
- Government employees who have completed at least 25 years of Service are eligible to receive a percentage of their average basic salary as Pension.