Unified Pension Scheme: If you do a government job, then this news is of use to you, because from April 1, the Central Government's Unified Pension Scheme (UPS) has come into effect. 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 the 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 give a guaranteed pension to government employees. A Unified Pension Scheme has been brought in for the financial security of government employees. In this, profit benefits like guaranteed pension, family pension, and minimum pension are going to be available after retirement.
What are the terms of a 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. Due to this a fixed retirement fund will be formed. In this, at least 10 thousand rupees monthly pension will be guaranteed. Under this scheme, employees will get a lump sum amount on retirement.
It will be 10 percent of the 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 a 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 would 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 yourself, you will not get the benefit of UPS.
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