Unified Pension Scheme: The BJP-led central government on Saturday announced the launch of the Unified Pension Scheme (UPS), a novel social security scheme. The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the UPS scheme on Sunday. The Unified Pension Scheme aims to provide assured pension, assured family pension and assured minimum pension to the government employees.
The newly-launched pension scheme follows a longstanding demand of government employees seeking a return to the Old Pension Scheme. The debate around the New vs Old Pension Scheme also became a key poll issue in the recently concluded Lok Sabha Elections 2024.
What is the Unified Pension Scheme (UPS)
According to Union Minister Ashwini Vaishnaw, the scheme seeks to assure government employees of an assured pension with multiple components. A minimum 50 per cent of salary as pension is the first pillar of the scheme, the Minister announced. The second component is an assured family pension for the central government employees
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The government employees will have a choice to opt anyone between the Old Pension Scheme or the Unified Pension Scheme.
"Today the Union Cabinet has approved Unified Pension Scheme (UPS) for government employees providing for the assured pension...50% assured pension is the first pillar of the scheme...second pillar will be assured family pension...About 23 lakh employees of the central government would benefit from the Unified Pension Scheme (UPS)...There will be an option for the employees to opt between NPS and UPS," the Minister said.
#WATCH | Union Minister Ashwini Vaishnaw says, "Today the Union Cabinet has approved Unified Pension Scheme (UPS) for government employees providing for the assured pension...50% assured pension is the first pillar of the scheme...second pillar will be assured family… pic.twitter.com/HmYKThrCZV
— ANI (@ANI) August 24, 2024
The cabinet also approved the continuation of three umbrella schemes of the Department of Science and Technology. These schemes, merged into a unified central sector scheme namely ‘Vigyan Dhara’ of the Department of Science and Technology (DST), were approved in the cabinet meeting.
The proposed outlay for the implementation of the unified scheme ‘Vigyan Dhara’ is Rs.10,579.84 crore during the 15th finance Commission period from 2021-22 to 2025-26. The merger of the schemes into a single scheme would enhance efficiency in fund utilization and establish synchronization among the sub-schemes/programs, a release stated.
(Breaking News)