Cabinet approves Unified Pension Scheme (UPS)
The salient features of the UPS are:
- Assured Pension:
- 50% of the average basic pay over the last 12 months before superannuation.
- Minimum qualifying service: 25 years.
- Proportional pension for service between 10 and 25 years.
- Assured Family Pension:
- 60% of the employee’s pension before demise.
- Assured Minimum Pension:
- ₹10,000 per month after a minimum of 10 years of service.
- Inflation Indexation:
- Applied to assured pension, family pension, and minimum pension.
- Dearness Relief:
- Based on the All India Consumer Price Index for Industrial Workers (AICPI-IW), similar to service employees.
- Lump Sum Payment at Superannuation:
- 1/10th of monthly emoluments (pay + DA) for every completed six months of service.
- This payment does not reduce the assured pension.
