Unified Pension Scheme has come into effect from 1st April i.e. yesterday. Under this scheme, employees get a guaranteed pension of Rs 10,000. But there are some conditions or eligibility regarding this, which are necessary to be fulfilled. The purpose of this scheme will work to create a balance between the Old Pension Scheme (OPS) and the New Pension Scheme (NPS).
Government employees have got a big gift yesterday i.e. on 1st April. Now employees can take advantage of the Unified Pension Scheme. Under this scheme, employees get Rs 10,000 as pension. But there are some conditions or eligibility regarding this, which are necessary to be fulfilled.
At the same time, the government gives the option to the employees that they can use either the New Pension Scheme or the Unified Pension Scheme. The purpose of this scheme will work to create a balance between the Old Pension Scheme (OPS) and the New Pension Scheme (NPS).
Through UPS, 10 percent of the salary of each employee will be deposited in pension. The government will also contribute 18.5 percent from its side.
It is necessary to fulfill these conditions
- First of all, every employee will have to give 10 percent of his basic salary for pension.
- The government will contribute 18.5 percent in this.
- Along with this, it is necessary for the employee to work for at least 10 years.
- If an employee retires without any penalty under FR 56 (j), he will be given pension.
- Apart from this, even if you take voluntary retirement after 25 years of service, you can still avail the benefit of pension.
Who will not get the benefit?
- If you have worked for less than 10 years.
- An employee has been dismissed from service.
- Or someone has left the job on his own.
- Under UPS, every employee gets a lump sum amount after retirement. Under this scheme, 10 percent of basic and DA money is given as pension.
The family will get this benefit
Under UPS, the employee gets a guaranteed pension of Rs 10,000 after retirement. But if the beneficiary dies, then his family gets 60 percent of the pension money. Which means that the family will get a guaranteed pension of Rs 6000.
What is Unified Pension Scheme?
Unified Pension Scheme is called UPS. This pension scheme is specially designed for retirement. Under this scheme, the employee gets the benefit of guaranteed pension. At the same time, the benefit of minimum pension and family pension is also given.
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