In a big resolution, the Centre on Saturday permitted the Unified Pension Scheme (UPS), which supplies an assured pension, a minimal pension and an assured household pension.
With the Unified Pension Scheme coming into pressure on April 1 subsequent yr, the central authorities staff lined underneath Nationwide Pension Scheme (NPS) may have option to proceed with it or go for the brand new scheme.
Briefing the media after a gathering of the union cupboard, Info and Broadcasting Minister Ashwini Vaishnaw stated about 23 lakh staff of the central authorities would profit from the Unified Pension Scheme (UPS). He stated the scheme has been advanced with intensive consultations.
Answering a question about whether or not permission had been obtained from the Election Fee to make the announcement about UPS, he stated that the scheme was not linked to the meeting elections in Jammu and Kashmir and Haryana.
“At this time the Union Cupboard has permitted Unified Pension Scheme (UPS) for presidency staff offering for the assured pension…50 per cent assured pension is the primary pillar of the scheme…second pillar might be assured household pension…About 23 lakh staff of the central authorities would profit from the Unified Pension Scheme (UPS)…There might be an possibility for the workers to choose between NPS and UPS,” he stated.
Referring to Assured Pension, he stated it is going to be 50 per cent of the common primary pay drawn over the past 12 months previous to superannuation for a minimal qualifying service of 25 years.
It is going to be proportionate for lesser service interval upto a minimal of 10 years of service.
The Assured Household Pension could be calculated on the fee of 60 per cent of pension of the worker instantly earlier than her or his demise.
Assured Minimal Pension might be Rs 10,000 per 30 days on superannuation after minimal 10 years of service.
The cupboard assembly was chaired by Prime Minister Narendra Modi.
He stated in a put up on X later, he stated that the Unified Pension Scheme ensures dignity and monetary safety for presidency staff.
“We’re pleased with the laborious work of all authorities staff who contribute considerably to nationwide progress. The Unified Pension Scheme ensures dignity and monetary safety for presidency staff, aligning with our dedication to their well-being and a safe future,” he stated.
PM Modi met a delegation of workers facet of Joint Consultative Equipment for Central Authorities staff on day the federal government took the numerous resolution.
Shiv Gopal Mishra, Secretary (Employees Facet), Nationwide Council (Joint Consultative Equipment) lauded Unified Pension Scheme.
“At this time, we’re very grateful…perhaps throughout the nation, it might be the primary time a PM has invited the delegation of Employees Facet of Joint Consultative Equipment to work together. This can be a crucial second for 32 lakh central staff we symbolize. He has spoken about assured pension system…within the coming days, those that will retire and those that have already retired, they may get 50 per cent assured pension…he additionally stated that at any time when there’s a requirement, complete authorities might be out there for central authorities staff,” he stated.
Defence Minister Rajnath Singh additionally lauded UPS and stated it should profit lakhs of central authorities staff and supply monetary safety to them and their households.
“The Union Cupboard chaired by Prime Minister @narendramodi at the moment has permitted the Unified Pension Scheme (UPS) for presidency staff which is a big transfer that guarantees an assured pension for the central authorities staff,” he stated.
“The scheme will profit lakhs of central authorities staff and supply monetary safety to them and their households. I thank the Prime Minister for taking this daring resolution,” he added.
In line with an official launch, there might be inflation indexation on assured pension, on assured household pension and guaranteed minimal pension underneath UPS.
“Dearness Aid primarily based on All India Shopper Value Index for Industrial Staff (AICPI-IW) as in case of service staff,” it added.
There might be lump sum fee at superannuation along with gratuity.
“One tenth of month-to-month emoluments (pay + DA) as on the date of superannuation for each accomplished six months of service. This fee is not going to scale back the quantum of assured pension,” the discharge stated.
Finance Minister Nirmala Sitharaman had stated earlier that the committee to assessment NPS has made appreciable progress in its work.
“With a constructive strategy, an answer might be advanced that addresses the related points whereas sustaining fiscal prudence to guard the widespread residents,” she stated.
