Prime Minister Narendra Modi lauded the introduction of the Unified Pension Scheme (UPS) by the Central Government on Saturday, emphasising its role in securing the financial future of government employees.
देश की प्रगति के लिए कठिन परिश्रम करने वाले सभी सरकारी कर्मचारियों पर हमें गर्व है। यूनिफाइड पेंशन स्कीम (UPS) इन कर्मचारियों की गरिमा और आर्थिक सुरक्षा को सुनिश्चित करने वाली है। यह कदम उनके कल्याण और सुरक्षित भविष्य के लिए हमारी सरकार की प्रतिबद्धता को दर्शाता है।…
— Narendra Modi (@narendramodi) August 24, 2024
Prime Minister Narendra Modi posted on X, “We are proud of all the government employees who work hard for the progress of the country. The Unified Pension Scheme (UPS) ensures dignity and financial security for these employees. This step reflects our government’s commitment to their welfare and secure future.”
Also Read: Budget 2024: Central govt employees may get 50% of last- drawn salary as pension under NPS, says report
In a major move affecting millions of employees, the BJP-led central government approved the Unified Pension Scheme (UPS) on Saturday.
This scheme guarantees both Assured Pension and Assured Family Pension. After the union cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw announced that approximately 23 lakh central government employees would benefit from the UPS.
The meeting was led by Prime Minister Narendra Modi.
“Today the Union Cabinet has approved Unified Pension Scheme (UPS) for government employees providing for the assured pension…50 per cent assured pension is the first pillar of the scheme…second pillar will be assured family pension…About 23 lakh employees of the central government would benefit from the Unified Pension Scheme (UPS)…There will be an option for the employees to opt between NPS and UPS,” Union Minister Ashwini Viahsnaw said.
Referring to Assured Pension, he said it will be 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years.It will be proportionate for a shorter service period upto a minimum of 10 years of service.
Defence Minister Rajnath Singh also lauded UPS and said it will benefit lakhs of central government employees and provide financial security to them and their families.
“The Union Cabinet chaired by Prime Minister @narendramodi today has approved the Unified Pension Scheme (UPS) for government employees which is a significant move that promises an assured pension for the central government employees,” he said.
“The scheme will benefit lakhs of central government employees and provide financial security to them and their families. I thank the Prime Minister for taking this bold decision,” he added.
According to an official release, there will be inflation indexation on assured pension, on assured family pension and assured minimum pension under UPS.
“Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of service employees,” it added.