Prime Minister Narendra Modi on Saturday lauded the launch of the Unified Pension Scheme (UPS) by the Central government and stressed its role in securing the financial future of government employees.
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 of these employees. This step reflects our government’s commitment to their welfare and secure future.…
— Narendra Modi (@narendramodi) August 24, 2024
“We are proud of all 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,” Prime Minister Narendra Modi wrote on Twitter.
Also read: Budget 2024: Central employees may get 50% of last salary as pension under NPS: Report
In a major move affecting lakhs of employees, the BJP-led Central government on Saturday approved the Unified Pension Scheme (UPS).
The scheme guarantees both assured pension and assured family pension. After the Union Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnav announced that about 23 lakh central government employees will benefit from UPS.
The meeting was led by Prime Minister Narendra Modi.
Union Minister Ashwini Vaishnaw said, “Today the Union Cabinet has approved the Unified Pension Scheme (UPS) for government employees providing assured pension… 50 per cent assured pension is the first pillar of the scheme… The second pillar will be assured family pension… About 23 lakh central government employees will benefit from the Unified Pension Scheme (UPS)… Employees will have the option to choose between NPS and UPS.”
Referring to the assured pension, he said it would be 50 per cent of the average basic pay received during the last 12 months before retirement for a minimum qualifying service of 25 years. It would be pro-rata for shorter service periods up to a minimum of 10 years.
Defence Minister Rajnath Singh also praised UPS and said that it will benefit lakhs of central government employees and provide financial security to them and their families.
He said, “The Union Cabinet chaired by Prime Minister Narendra Modi today has approved the Unified Pension Scheme (UPS) for Government Employees, a significant move which promises assured pension to Central Government employees.”
He said, “This 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.”
According to an official release, there will be inflation indexation on assured pension, assured family pension and assured minimum pension under UPS.
It said, “Dearness relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) in case of service employees.”
