Centre announces new pension scheme, ‘Unified Pension Scheme’ approved in cabinet meeting

New Delhi: Modi government has taken a big decision regarding pension scheme. In today’s cabinet meeting, Unified Pension Scheme (UPS) has been approved in place of Old Pension Scheme and New Pension Scheme. The government said that the employee who works for 25 years will get full pension. 23 lakh central employees will benefit from UPS scheme. This scheme will be implemented from 1 April 2025.

Union Information and Broadcasting Minister Ashwini Vaishnav, while giving information related to the cabinet meeting, said that those who serve for 10 years will get a pension of Rs 10,000. If employees die during service, their wives will be given 60 percent pension. The government said that the state government can also implement its decision. This scheme will not be a burden on the employees.

The government said that if an employee has worked for a minimum of 25 years, then at least 50 percent of the average salary of the last 12 months before retirement will be given as pension. If a pensioner dies, his family will get 60% of the pension received at the time of death.

The Union Minister said that all NPS employees will get the option to join UPS. This will also apply to all those who have retired or are about to retire under NPS since its inception. The government will pay the arrears for this. Employees who have retired since 2004 will also get the benefit.

For every six months of service, one-tenth of the monthly salary (salary plus DA) will be added on retirement. I mean, the option has been given but NPS employees will benefit if they join UPS. All the employee organizations that met the PM today were happy with UPS. The government said that when the Congress talked about OPS, there were differences among its leaders. There was no promise of OPS in the Lok Sabha election manifesto of the Congress. The PM has always taken decisions by rising above electoral politics. If it is not related to elections, then the issue of Election Commission does not come into it.