New Delhi: The central authorities launched the Unified Pension Scheme (UPS) on August 24. It should come into impact from April 1, 2025. The scheme ensures a hard and fast pension to authorities staff primarily based on their contribution. The household will even be given a pension in case of the dying of the worker. Those that have served for greater than 10 years however lower than 25 years will get a month-to-month pension of at the least Rs 10,000. After the announcement of the Unified Pension Scheme (UPS), many individuals are curious to find out about its advantages. Particularly how a lot pension they are going to get on retirement. Here’s a detailed account of what retired staff ought to count on primarily based on totally different fundamental salaries. To be eligible for pension, the worker will need to have accomplished at the least 10 years of service. The pension quantity will likely be 50% of the common fundamental wage of the final 12 months. The household pension that will likely be given after the dying of the worker will likely be 60% of the pension quantity. For many who have served for greater than 10 years, the minimal pension will likely be Rs 10,000 per 30 days.
How a lot is the contribution of the worker and the federal government in UPS?
Underneath UPS, the federal government will contribute 18.4% of the worker’s fundamental wage and dearness allowance (DA). Whereas staff should contribute 10% of their fundamental wage and DA.
If the fundamental wage of the worker is Rs 60,000, then after retirement he’ll get Rs 30,000 and DA as pension. After the dying of the worker, the household will get Rs 18,000 and DA.
If the fundamental wage is Rs 70,000, then how a lot is the pension?
Equally, if the fundamental wage of the worker is Rs 70,000, then Rs 35,000 and DA will likely be given as pension. After the dying of the worker, the household will get Rs 21,000 and DA.
This new pension scheme will likely be relevant to all central authorities staff. The goal of this scheme is to offer monetary safety to the workers after retirement. The federal government hopes that this scheme will assist staff to plan higher for retirement and safe their future.