The Modi government has given a significant gift to government employees. The Modi Cabinet has approved the Unified Pension Scheme (UPS) on Saturday. Before this, the Somanath Committee had submitted its report on the demands for changes in the New Pension Scheme.
With the approval of the Unified Pension Scheme, government employees will benefit greatly. Around 23 lakh government employees will be covered under this scheme. Those who have completed 25 years of service will receive the full benefits of the scheme. Under UPS, 50% of the basic salary received in the last 12 months of service will be provided as a pension. Additionally, those who have completed 10 years of service will receive a benefit of ₹10,00,000.
Moreover, 60% of the family pension will be provided, meaning that in the event of the employee’s death, the family will receive 60% of the last pension. Government employees will have the option to choose between the New Pension Scheme and the Unified Pension Scheme. The best part is that employees will not have to make separate contributions, as 18% of the contribution will be provided by the central government, and the employee’s contribution will remain 10% as in the New Pension Scheme.
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After receiving approval from the Modi government cabinet, the Unified Pension Scheme will be implemented starting from April 1, 2025. The Union Cabinet, under the chairmanship of Narendra Modi, has approved the Unified Pension Scheme. This scheme is set to be implemented in the near future, with 50% assured pension as its primary pillar.
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