The union cabinet has announced a unified pension scheme across the country for the year of 2024. Under this scheme approximately 23 lakhs employees of the country who are serving on central level positions of India will get the benefit of this Unified Pension Scheme 2024. The government of India has launched this beneficiary plan on Saturday to provide financial security and dignity to all the central level employees with the commitment of their well being and their secured future. To be eligible to get the payment of this Unified Pension Scheme 2024 all the applicants are required to match all the eligibility criteria which are decided by the government for this pension plan.
Unified Pension Scheme 2024
A new pension plan has been announced by the union cabinet for all the central government employees of India. Under this UPS pension program the government will pay a fixed pre decided pension amount with the guarantee of security for their future by a fixed pre decided amount of pension which they will get after retirement. The government’s main motive behind launching this pension plan is to provide more stability and a well settled pension process for all those employees who joined after 01/01/2004 but will retire on or before 31/03/2025. The implementation of this UPS plan will be done by the government from 01/04/2025.
The main focus point of this UPS scheme is that the contribution of the government under this pension is increased from 14% to 18.5%. All those employees who served for more than 10 years in the central government will be considered as eligible employees under this Unified Pension Scheme 2024. If you want to get the full benefit of this UPS scheme then you have to complete a minimum service of 25 years. Participating in the UPS scheme is an option not mandatory for all the employees who are currently registered under NPS and want to take voluntary retirements under the NPS.
| Name of the scheme | Unified Pension Scheme 2024 |
| Year | 2024 |
| Eligible employees s | Central government |
| Launched by | Central government and union cabinet |
| Benefit will implement | from 01/04/2025 |
| Government new contribution | 18.5% |
| Government old contribution | 14% |
| retire on or before | 31/03/2025 |
| Category | News |
Unified Pension Scheme Eligibility 2024
- All those employees who served for more than 10 years in the central government will be considered as eligible employees under this UPS scheme.
- If you want to get the full benefit of this UPS scheme then you have to complete a minimum service of 25 years.
- Participating in the UPS scheme is an option not mandatory for all the employees who are currently registered under NPS and want to take voluntary retirements under the NPS.
Unified Pension Scheme Benefits 2024
- The government of India has launched this beneficiary plan to provide financial security and dignity to all the central level employees with the commitment of their well being and their secured future.
- The main focus point of this UPS scheme is that the contribution of the government under this pension is increased from 14% to 18.5%.
- All the employees who have completed minimum service of 25 years will get the beneficiary pension amount of 50% or its equivalent of the average basic pay which is paid for more than the last 12 months before the date of retirement.
- To make sure the distribution of the pension scheme will be equal for all the beneficiary employees of the government of India.
- The government’s main motive behind launching this pension plan is to provide more stability and a well settled pension process for all those employees who joined after 01/01/2004 but will retire on or before 31/03/2025.
- The implementation of this UPS plan will be done by the government from 01/04/2025.
How much pension will retiree get under Unified Pension Scheme 2024
For a basic salary of Rs. 60000: if you are a central government employee who received Rs. 60000 salary from the past 12 months then under the UPS pension plan you will get Rs. 30000 (pm ) along with DR. Rs. 18000 per month with DR will be the family pension amount in the condition of employee’s death.
For a basic salary of Rs. 70000: if you are a central government employee who received Rs. 70000 salary, then under the UPS pension plan you will get Rs. 35000 (pm ) along with DR. Rs. 21000 per month with DR will be the family pension amount in the condition of employee’s death.
For a basic salary of Rs. 80000: if you are a central government employee who earns Rs. 80000 salary, then under the UPS pension plan you will get Rs. 40000 (pm ) along with DR. Rs. 24000 per month with DR will be the family pension amount in the condition of employee’s death.
FAQs on Unified Pension Scheme 2024
from 01/04/2025 the Unified Pension Scheme 2024 will be implemented.
The contribution of the government under this pension is increased from 14% to 18.5%.
