Prime Minister Narendra Modi Lauds Introduction of Unified Pension Scheme
Prime Minister Narendra Modi recently commended the Central Government’s initiative in introducing the Unified Pension Scheme (UPS). In a tweet, he expressed his pride in the hard work of government employees and highlighted how the UPS ensures dignity and financial security for them, demonstrating the government’s commitment to their well-being and secure future.
Unified Pension Scheme Benefits Government Employees
The Unified Pension Scheme (UPS) guarantees both Assured Pension and Assured Family Pension for government employees. Following the approval by the BJP-led central government, approximately 23 lakh central government employees are set to benefit from this scheme, which was announced after a union cabinet meeting led by Prime Minister Narendra Modi.
According to Union Minister Ashwini Vaishnaw, the UPS offers a 50% assured pension as the first pillar of the scheme, with the second pillar being assured family pension. Employees will have the option to choose between the National Pension Scheme (NPS) and the UPS. The Assured Pension will be calculated at 50% of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years, or proportionate for shorter service periods.
Support from Government Officials
Defence Minister Rajnath Singh also praised the UPS, stating that it will provide financial security to lakhs of central government employees and their families. The scheme includes inflation indexation on assured pension, assured family pension, and assured minimum pension under the UPS, along with Dearness Relief based on the All India Consumer Price Index for Industrial Workers.
Overall, the introduction of the Unified Pension Scheme is seen as a significant step towards ensuring the welfare and financial stability of government employees, reflecting the government’s dedication to their future.
