BJP-Government Approves Unified Pension Scheme Benefiting 23 Lakh Employees

The BJP-led government has approved the Unified Pension Scheme (UPS), offering Assured Pension and Assured Family Pension to central government employees. The decision, chaired by PM Modi, allows employees to choose between the National Pension Scheme (NPS) or the new UPS, impacting around 23 lakh employees.

In a landmark decision affecting thousands of workers, the BJP-led central government on Saturday approved the Unified Pension Scheme (UPS), which offers Assured Pension and Assured Family Pension. Information and Broadcasting Minister Ashwini Vaishnaw shared the news after a union cabinet meeting.

Chaired by Prime Minister Narendra Modi, the cabinet meeting paved the way for government employees to choose between the National Pension Scheme (NPS) or the newly approved UPS. Vaishnaw indicated that approximately 23 lakh central government employees would benefit from the decision.

The Unified Pension Scheme promises a minimum Assured Pension of Rs 10,000 per month after a minimum of 10 years of service. The Assured Family Pension will be 60% of the employee's pension before their demise, while the Assured Pension will constitute 50% of the average basic pay over the last 12 months prior to superannuation for those serving for at least 25 years.

(With inputs from agencies.)