Unified Pension Scheme: With the announcement of UPS, the central government had said that those who work for at least 10 years in this scheme will be given a minimum pension of Rs 10,000. At the same time, to get the full pension, a minimum of 25 years of service will have to be given.
Unified Pension Scheme: The central government launched the Unified Pension Scheme (UPS) last month to give a fixed pension to government employees. This scheme has been introduced as an alternative to the National Pension System (NPS). The central government had said that government employees will have the option to choose either NPS or UPS. Employees have to contribute 10 percent in UPS, while the government will contribute 18.5 percent in it.
With the announcement of UPS, the central government had said that those who work for at least 10 years in this scheme will be given a minimum pension of Rs 10,000. At the same time, to get the full pension, a minimum of 25 years of service will have to be given. But if someone works for more than 10 years and less than 25 years under this scheme, how will the pension be calculated? Let’s know.
If the job is less than 25 years, how will one get pension?
Under UPS, employees who retire without completing 25 years of service are also eligible to get pension. Government employees who have served for less than 25 years will be given pension after retirement on an estimated basis, which will depend on their work period and salary. At the same time, the minimum monthly pension benefit under this scheme is Rs 10,000, for those who retire after a minimum of 10 years of service.
For employees whose service is between 10 to 25 years, their pension amount will be calculated proportionately according to their tenure. Also, dearness relief can also be given in it.
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Features of Unified Pension Scheme
- Pension amount: It will be 50% of the average basic salary received in the last 12 months.
- Minimum qualifying service: Minimum 25 years of service is mandatory.
- Pension based on calculation for service period less than 25 years, with minimum 10 years of service.
- Family pension is paid at the rate of 60% of the pension immediately preceding the death of the employee.
- Rs 10,000 per month will be paid on retirement after minimum 10 years of service.
- Dearness relief will be paid on pension, family pension and minimum pension.
- Lump sum payment on retirement will be given in addition to gratuity.
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