Unified Pension Scheme will start from next financial year. This new pension scheme will benefit lakhs of central employees. After this scheme, people have many questions in their mind. The main of these questions is how many years of service is required to get pension under UPS. Apart from this, how will the pension calculation be done in the New Pension Scheme?
The Government of India has started the Unified Pension Scheme for Central Government Employees. About 23 lakh employees will benefit from this new pension scheme.
Many questions come to the mind of pensioners regarding the New Pension Scheme. The main question among these questions is how much pension will the pensioners get after retirement. Along with this, how many years of job is required at least to get the benefit of pension. We will give you the correct answer to all these questions.
After how many years will pension be available
To get pension under the Unified Pension Scheme, the beneficiary will have to work for a period of at least 25 years. Even if he works for 20 or 23 years, he will not get the benefit of UPS pension. Now the question arises that how much pension will the employee get.
According to UPS pension calculation, the employee will get pension by adding 50 percent of his basic salary in the year before retirement along with dearness relief. We explain you with the example of some basic salary.
How to calculate UPS Pension?
Employees whose basic salary is Rs 50,000 will get pension under UPS which will be the amount formed by adding 50 percent of the basic salary i.e. Rs 25,000 + dearness relief. Similarly, an employee with a basic salary of Rs 55,000 will get pension by adding Rs 27,500 with dearness relief. Employees whose basic salary is Rs 60,000 will get pension which will be the amount obtained after adding Rs 30,000 + dearness relief. An employee with a basic salary of Rs 70,000 will get a pension equal to Rs 35,000 plus dearness relief. An employee whose salary is Rs 75,000 will get a pension of Rs 37,500 + dearness relief every month. An employee with a basic salary of Rs 80,000 will get a pension equal to Rs 40,000 + dearness relief.
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