New Delhi: The Union Cabinet has approved the Unified Pension Scheme (UPS) for government employees. Under this scheme, government employees who have completed 25 years of service will be entitled to receive a full pension.
This scheme will be applicable to all government employees. It also includes provisions for family pensions, where, in the event of an employee’s death, their spouse will receive 60% of the pension. Additionally, if an employee serves under the UPS for at least 10 years, they will receive a monthly pension of 10,000 INR.
Detailed Information on the Benefits and Objectives of the Unified Pension Scheme
Providing information about this new decision by the Union Cabinet, Information and Broadcasting Minister Ashwini Vaishnaw said, “Today, the Union Cabinet has approved the Unified Pension Scheme (UPS) for government employees to ensure guaranteed pensions.
The first phase of this scheme offers a 50% fixed pension, providing financial security to employees post-retirement. He further stated that the second pillar of this scheme is the provision for family pensions, ensuring a reliable income for the families of employees.”
Political Criticism and Contribution of the Dr. Somnath Committee
Addressing the criticism from opposition parties, Union Minister Vaishnaw targeted the Congress and other opposition parties, stating, “The Congress and other opposition parties are only indulging in politics over the old pension scheme.”
He explained that after studying pension schemes in various countries and consulting with all stakeholders, the Dr. Somnath Committee suggested the Unified Pension Scheme. The Union Cabinet has approved this scheme to implement it effectively.
Vaishnaw also mentioned that under the UPS, pensioners will receive 50% of the average basic salary of the first 12 months post-retirement as their pension.
Features of the New Scheme Compared to the Old Pension Scheme
It is noteworthy that government employees across the country were demanding the restoration of the Old Pension Scheme (OPS). Considering these demands, the NDA government announced the introduction of the new Unified Pension Scheme (UPS). During the Union Cabinet meeting, a consensus was reached on the Unified Pension Scheme.
The primary goal of this scheme is to provide government employees with assured pensions, family pensions, and a minimum pension guarantee. According to media reports, other significant schemes were also approved during the Union Cabinet meeting chaired by Prime Minister Narendra Modi.
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