The Unified Pension Scheme (UPS) launches in 2025, offering guaranteed lifetime pensions for government employees. Know how the 8th Pay Commission’s fitment factor may impact salaries and pensions, including expected increases and eligibility criteria.
Maharashtra news: The employee unions had expressed their reservations as they wanted the state government to reconsider its decision and give options to the employees. They had pressed for the implementation of the revised pension scheme announced in the state legislature.
The 8th Pay Commission is a proposed initiative aimed at revising the salaries, allowances, and pension benefits for employees of the central government. However, the commission has not yet been officially established for it.
The Central government approved an assured pension of 50 per cent of salary for those who joined the service after January 1, 2004, under the National Pension System (NPS).
National Pension System (NPS) has been implemented for all government employees except those in the armed forces joining the central government on or after January 1, 2004. The new pension scheme guarantees an assured minimum pension of Rs 10,000 per month on superannuation.
In a significant decision impacting lakhs of employees, the BJP-led central government on Saturday approved the Unified Pension Scheme (UPS) which provides for Assured Pension and Assured Family Pension. Watch to know more!
Kharge's swipe came a day after the Union Cabinet approved an assured pension of 50 per cent of salary for those who joined the service after January 1, 2004, under the National Pension System (NPS).
Unified Pension Scheme: The central government on August 24 approved the Unified Pension Scheme (UPS) which provides for Assured Pension and Assured Family Pension. As per the govt, about 23 lakh employees of the central government would benefit from the Unified Pension Scheme (UPS).
Unified Pension Scheme: Assured Minimum Pension will be Rs 10,000 per month on superannuation after a minimum of 10 years of service.
Unified Pension Scheme: The Assured Family Pension would be calculated at the rate of 60 per cent of pension of the employee immediately before her or his demise.
PM Modi-led Cabinet approved Unified Pension Scheme for government employees. The decision was made on the recommendation by a committee which consulted several top organisations including the RBI and World Bank.
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