Centre guaranteed 50 per cent of salary as pension for government employees under Unified Pension Scheme Centre guaranteed 50 per cent of basic salary as pension for central government employees under new 'Unified Pension Scheme'.
The scheme will be effective from 1 April, 2025.
Source - India.com
Taking a significant step towards ensuring assured pension, assured family pension and assured minimum pension (AMP) for a glorious retired life for government employees, the Union Cabinet chaired by Prime Minister Narendra Modi on Saturday approved the Unified Pension Scheme (UPS). From 1 April, 2025, the scheme will contribute approximately Rs.3,600 crore towards pension and inevitably provide social security to 60 lakh central government employees, which would potentially benefit 3 crore pensioners, family pensioners and beneficiaries of AMP.
Under UPS, the government has given an assurance to government employees that the pension will be 50 per cent of their salary.
Under this scheme, the government employee will be given pension with the half of the average basic pay over the last 12 months immediately before superannuation to draw a minimum qualifying service of 25 years. As assured family pension, any government employee can avail 60 percent of the pension of such an employee can be draw immediately before death. In assured minimum pension, a government employee will be given the amount of Rs 10,000 per month on the superannuation after giving the minimum service of last 10 years.
Cabinet also continued the three umbrella schemes, under which it is merged in a single ‘Vigyan Dhara’ of the Department of Science and Technology (DST).
The planned allocation for setting up the unified scheme ‘Vigyan Dhara’ is Rs 10,579.84 crore for 15th Finance Commission period during 2021-22 to 2025-26.
Another proposal that received endorsement from The Centre is ‘BioE3 (Biotechnology for Economy, Environment and Employment) Policy for Enhancing High Performance Biomanufacturing’, which comes from Department of Biotechnology. A feature of the policy is supporting innovation- driven R&D and entrepreneurship across thematic areas.