New Delhi: Union Cabinet approves assured 50 per cent of salary as pension for govt employees under Unified Pension Scheme. The Narendra Modi-led central government has decided to replace the New Pension Scheme (NPS) with this new plan. The decision was confirmed in a recent Union Cabinet meeting. According to Minister Ashwini Vaishnaw, the Unified Pension Scheme (UPS) will ensure a pension of 50% of the average monthly basic salary over the past 12 months, aiming to provide better financial security for government employees.
If an employee has worked for at least 25 years, they will receive a pension of at least 50 percent of their average salary from the last 12 months before retirement. In case of the pensioner’s death, their family will receive 60% of the pension amount. Further, if someone leaves their job after 10 years, they will receive a pension of Rs 10,000.