Unified pension scheme: These 5 things about UPS make it special from NPS, check here

New Delhi. The central government has approved the Unified Pension Scheme (UPS). This information was given by Electronics and Information Technology Minister Ashwini Vaishnav on 24 August.

He announced this in a press conference on Saturday and said that concerns have been raised about the social security of government employees and pension is an important part of it.

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He talked about the demand of government employees for reforms in the National Pension System (NPS) and said that the government was considering it and now the government has approved UPS. Union Minister Ashwini Vaishnav said that 23 lakh central government employees will benefit from the Unified Pension Scheme. Let us tell you that under UPS, the government has implemented five provisions which make it special. Let us know what are these 5 things.

5 things about UPS make it special from NPS:

First – At least 50% fixed pension

Employees had been demanding for a long time that they should get a fixed amount as pension. This amount will be 50% of the average basic salary of the 12 months just before retirement. The condition for this is that the employee will have to complete 25 years of service.

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Second- Fixed Family Pension

In NPS, the amount of pension to be received by the family on the death of the employee was not fixed. Whereas in UPS, in case of death of an employee while in service, the family will get 60 percent of the pension.

Third part- Minimum Fixed Pension

The minimum pension amount to be given to a retired employee in UPS has also been fixed. In case of minimum service of 10 years, the employee will be given at least Rs 10,000 per month as pension.

Fourth- Arrangement according to inflation

In the Unified Pension Scheme, pension has been linked with inflation. Employees will also get the benefit of inflation indexation along with pension. This arrangement is exactly like the dearness allowance given to the serving employees at present. That is, with the increase in inflation, the government will increase the pension.

Fifth- Apart from gratuity, a lump sum amount will be given on leaving the job.
The government will give 10% of the salary and DA of each employee for every 6 months of service as a lump sum amount after retirement. This amount will not affect the fixed pension of the employees.

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