Unified Pension Scheme: After the implementation of the new pension scheme, such employees will be deprived of it for whom the age limit in government jobs is 40 years or more. Because under this scheme it is mandatory to work for 25 years for 50 percent fixed pension.
UPS: The central government has approved the Unified Pension Scheme. This scheme will work as an alternative to the National Pension Scheme i.e. NPS. This will benefit about 23 lakh government employees.
The Modi government constituted a committee under the leadership of TV Somanathan in April 2023. This committee has discussed with all the state financial secretaries, leaders and hundreds of employee unions and has made recommendations to the central government to implement UPS. Let us know which employees can switch from NPS to this scheme.
In the year 2003, Atal Bihari Vajpayee’s government abolished OPS and brought NPS. NPS is in force from 1 April 2024. Employees with OPS can opt for UPS. It will be applicable from 1 April 2025.
Benefits of UPS
Unified Pension Scheme guarantees a fixed pension. Under UPS, the employee will be given a pension of 50 percent of the average basic salary of the 12 months before retirement. However, the condition for this is that the employee should have worked for 25 years.
At the same time, if an employee works for at least 10 years, he will also get a fixed pension amount of 10 thousand. Those who work less than this will get pension in that proportion. Apart from this, under this scheme, if an employee dies while working, then his family i.e. wife will get 60 percent pension.
Also Read- What is UPS: How much money will be deducted from the salary and when will who get how much pension? know everything
Who can avail the benefits of UPS
The new pension scheme will come into effect from April 1, 2025. In such a situation, all those employees who are retiring with arrears by March 31, 2025 are eligible for this scheme. Information and Broadcasting Minister Ashwini Vaishnav has said that this scheme will affect 23 lakh government employees.
However, after the implementation of the new pension scheme, those employees will be deprived of it whose age limit in government job is 40 years or more. Because under this scheme, it is mandatory to work for 25 years for 50 percent fixed pension.
Because the retirement age for central government employees in India is 60 years. However, it may vary depending on their department and post.
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