Unified Pension Scheme: If you do a government job then this news is useful for you, because from April 1, the Central Government’s Unified Pension Scheme (UPS) has been implemented. But the question is who will get the benefit of this pension and how much will they get. Let us tell you about it in detail.
What is Unified Pension Scheme?
This is a fund-based pension scheme, which has been introduced by the Central Government under the National Pension System. Its purpose is to provide a guaranteed pension to government employees. The Unified Pension Scheme has been introduced for the financial security of government employees. In this, benefits like guaranteed pension, family pension and minimum pension are going to be available after retirement.
What are the terms and conditions of guaranteed pension?
Employees will have to contribute 10 percent of their basic salary and dearness allowance. Along with this, the government will also contribute to it. This will create a fixed retirement fund. It will have a guaranteed monthly pension of at least Rs 10,000. Under this scheme, employees will get a lump sum amount on retirement.
It will be 10% of basic salary and DA
Which will be 10 percent of the last basic salary and DA. If an employee takes voluntary retirement (VRS) after working for 25 years, he will get pension only when his normal retirement age is completed. If the employee dies, his wife/husband will get 60% of the pension. To give you an example, if an employee was getting a pension of Rs 10,000, then his family will get a monthly pension of Rs 6,000.
Who will not get guaranteed pension?
If your job is less than 10 years, then you will not get the benefit of UPS. If you have been dismissed or removed from service, then you will not be eligible for this scheme. Even if you leave the job on your own, you will not get the benefit of UPS.
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