All You Need to Know About the Unified Pension Scheme

Unified Pension Scheme Details: The central government approved the Unified Pension Scheme (New Pension Scheme) on Saturday. Government employees were demanding such a scheme for a long time.

At present, government employees get the facility of NPS. Let us know what are the 6 big features of UPS?

1- In UPS, the employee will get pension equal to 50 percent of the average salary of the last year after 25 years of service. The contribution of employees for UPS has been kept equal to 10 percent of the current system of NPS, while the government has decided to increase its contribution from 14 percent to 18.5 percent.

Provision for retired employees as well

2- All the employees who joined service after 2004 and have retired or will retire by April 1, 2025 will also get the opportunity to choose this option. Such retired employees will be paid the outstanding amount along with interest after re-examining their retirement benefits.

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Dearness allowance will be available in UPS

3- If an employee has worked for a minimum of 25 years, then at least 50 percent of the average basic salary of the last 12 months immediately before retirement will be given as pension. Along with this, dearness relief (DR) will be given at the same rate at which dearness allowance is given. In UPS also, the retired employee will get the benefit of inflation indexation like the serving employee.

Pension system for family as well

4- If a pensioner dies, then his family will get 60 percent of the pension received by the deceased at the time of death. DR will also be given at 60 percent on this

You will also get lump sum money

5- Under UPS, apart from the gratuity amount, another lump sum amount will be given on retirement. This amount will be given on retirement by adding one-tenth of the monthly salary (salary DA) for every six months of service.

Provision of minimum pension has also been made

6- If someone leaves the job after working for a minimum of 10 years, then he will get a minimum pension of ten thousand rupees. Those who have worked for more years will get more pension in the same proportion. Please note, the option of choosing UPS from NPS will be available to employees only once.

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