New Delhi: On Saturday, the central government approved the Unified Pension Scheme (UPS), a significant move expected to benefit 23 lakh central government employees.
This new scheme is designed to provide financial security and stability for government employees after retirement.
Key Features of the Unified Pension Scheme (UPS)
1. Assured Pension
- 50% Pension: Employees with a minimum of 25 years of service will receive a pension amounting to 50% of their average basic pay over the last 12 months before retirement.
- Proportional Pension: For those with less than 25 years of service, the pension will be proportional to their tenure, with a minimum qualifying service period of 10 years.
2. Assured Family Pension
In case of the unfortunate death of an employee, their spouse will be eligible to receive a family pension, assured at 60% of the pension that the employee was receiving.
3. Assured Minimum Pension
- ₹10,000 Minimum Pension: Employees who have completed at least 10 years of service will be guaranteed a minimum pension of ₹10,000 per month after retirement.
4. Inflation Indexation
- Inflation Adjustment: Both the assured pension and family pension will be adjusted for inflation, ensuring that the pensions retain their value over time.
5. Dearness Relief
- AICPI-IW Based Relief: Retirees under the UPS will receive Dearness Relief based on the All India Consumer Price Index for Industrial Workers (AICPI-IW), similar to serving employees.
6. Lump Sum Payment on Superannuation
- Gratuity Plus Lump Sum: In addition to gratuity, employees will receive a lump sum payment at the time of retirement, amounting to 1/10th of their monthly emoluments (including basic pay and Dearness Allowance) for every six months of completed service.
- This payment will not reduce the amount of the assured pension.
Prime Minister Narendra Modi’s Statement on UPS
In a post on X, Prime Minister Narendra Modi expressed, “We take pride in the hard work of all government employees who contribute significantly to the nation’s progress.
The Unified Pension Scheme ensures dignity and financial security for government employees, reflecting our commitment to their well-being and a secure future.”
Benefits of the Unified Pension Scheme (UPS)
The Unified Pension Scheme is set to benefit 23 lakh central government employees immediately. However, this number could rise to 90 lakh if state governments opt to join the scheme, extending its benefits to a larger pool of government employees across India.
Comparison with the Old Pension Scheme (OPS)
- Old Pension Scheme (OPS): Under OPS, retired government employees received 50% of their last-drawn salary as a monthly pension, with pension amounts increasing in line with the Dearness Allowance (DA) rates.
- While the OPS provided substantial financial security, it is considered fiscally unsustainable due to its non-contributory nature, which places a growing burden on the government exchequer.
Conclusion
The Unified Pension Scheme (UPS) is a pivotal development in the Indian government’s effort to ensure long-term financial security for its employees.
As the scheme is set to be implemented, it remains to be seen how state governments will respond and whether they will choose to join this initiative.
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