Unified Pension Scheme (UPS) is a new and assured pension plan for government employees in India. It includes a fixed pension after retirement, a minimum service period, and family pension benefits. Learn how UPS is better than the Old Pension Scheme (OPS).
The Unified Pension Scheme (UPS) has been approved by the government. This scheme has been brought in with the aim of guaranteeing government employees a guaranteed pension, family pension, and minimum pension. This historic decision will benefit lakhs of government employees who were hoping for financial security after their retirement.
Pension plans
Dr Somnath Committee was constituted for the improvement of the new pension scheme. This committee submitted its report after detailed discussion and review. The report analyzed all pension schemes and concluded that a uniform and more secure pension scheme is needed. Based on this, the government has announced the Unified Pension Scheme.
Decision of the Union Cabinet
This important decision was taken in the meeting of the Union Cabinet held on Saturday, August 24. Union Information and Broadcasting Minister Ashwini Vaishnaw said that the government has approved the Unified Pension Scheme. This scheme has been brought in to ensure the pension security of government employees so that they do not have to face financial problems after retirement.
Old Pension Scheme
After the implementation of the Unified Pension Scheme, the government has dismissed the issues of the Old Pension Scheme (OPS) being raised by the opposition. Let us learn more about that the Unified Pension Scheme.
What are the benefits of Unified Pension Scheme?
Assured Pension: Under this scheme, employees will get 50% of their basic pay for 12 months before retirement as pension.
Minimum Service Period: A minimum service of 25 years will be mandatory to receive pension.
Family Pension: In case of death of the employee, the family will also get the benefit of pension.
Financial Security: Government employees will not have to face any financial hardship after retirement as their pension will be fixed.
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