Prime Minister Narendra Modi led Union Cabinet on Saturday approved the Unified Pension Scheme (UPS), designed to offer guaranteed pensions, family pensions, and a minimum assured pension. "This scheme will benefit 23 lakh central government employees," announced Union Minister Ashwini Vaishnaw.
Assured pension: The scheme guarantees a pension equal to 50% of the last 12 months' basic salary for government employees who have served at least 25 years.
Family Pension: If a pensioner dies, their family will receive 60% of the pension amount the deceased was receiving.
Minimum pension: The scheme guarantees a monthly pension of Rs 10,000 for government employees who retire after at least 10 years of service.
Under the new scheme, the central government's contribution to the pension will increase to 18 percent, up from the current 14 percent, while employees' contribution will remain at 10 percent.
The Cabinet has approved the continuation of three existing schemes, which have now been combined into a new central scheme called ‘Vigyan Dhara’ under the Department of Science and Technology (DST). The plan has a proposed budget of Rs 10,579.84 crore for the period from 2021-22 to 2025-26.
Apart from that, the government also approved the ‘BioE3 Policy’ from the Department of Biotechnology. This policy aims to boost high-performance biomanufacturing by supporting research, development, and entrepreneurship in key sectors.
Source: https://www.businesstoday.in/india/story/unified-pension-scheme-gets-cabinet-nod-promises-family-and-guaranteed-minimum-pensions-442890-2024-08-24
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