Cabinet Approves Unified Pension Scheme Under PM Modi's Leadership
New Delhi: The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Unified Pension Scheme (UPS).
Shri Ashwini Vaishnaw outlined the key features of the Unified Pension Scheme, which include a pension equal to 50% of the average basic salary received during the last 12 months prior to retirement, for a minimum qualifying service of 25 years. For those with a shorter service period, the pension will be proportionate to a minimum of 10 years of service.
He further explained that the scheme ensures family pension at 60% of the employee's pension right before their death. The minimum assured pension will be ₹10,000 per month upon retirement after at least 10 years of service. The scheme includes a cost of living adjustment based on the All India Consumer Price Index for Industrial Workers (AICPI-IW), applicable to the assured pension, family pension, and minimum pension.
For military personnel, an additional lump sum payment will be made at the time of retirement, based on the employee's total monthly earnings (including salary and DA) for each completed six-month period of service. This payment will not reduce the assured pension amount.
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