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New Delhi: The central government has decided to implement the Unified Pension Scheme (UPS). Under this scheme, 23 lakh central government employees will benefit. Prime Minister Narendra Modi said that the Unified Pension Scheme (UPS) will ensure the dignity and financial security of central government employees.
What did PM Modi say?
PM Modi said that this step of the government is for the welfare of the central government employees. It should be noted that the Unified Pension Scheme will be implemented along with the existing NPS.
What is Unified Pension Scheme?
It should be noted that if an employee has served for 25 years, then 50 percent of the average basic salary of the last 12 months of his working year will be given as pension. If the service period is from 10 to 25 years, then the pension amount will be decided on the basis of proportional allocation.
Under UPS, provision has been made for assured pension to the employees, pension to the family, assured minimum pension, linking of pension amount with inflation rate and payment of an assured amount in addition to gratuity at the time of retirement.
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