Heart notified Unified Pension Scheme for presidency staff INA NEWS

New Delhi, 26 January (.). The Union Finance Ministry has notified the operation of Unified Pension Scheme (UPS) as an choice underneath the Nationwide Pension System (NPS) for presidency staff from April 1. It will present assured retirement advantages . central authorities staff.

The notification issued by the Finance Ministry mentioned that the Unified Pension Scheme can be relevant . central authorities staff who come underneath the Nationwide Pension System and who’ve chosen this feature underneath NPS.

The notification additional acknowledged that the Pension Fund Regulatory and Growth Authority (PFRDA) will difficulty guidelines for the operation of UPS. The scheme can be applied from 1 April 2025.

Within the Unified Pension Scheme, central staff can be supplied 50 p.c of the common wage of 12 months earlier than their retirement. Nevertheless, for this, not less than 25 years of service ought to be accomplished.

On the identical time, the staff who’ve given lower than 25 years of service, will get pension on a proportional foundation.

The Union Cupboard chaired by Prime Minister Narendra Modi on August 24, 2024 authorized a brand new pension coverage for about 23 lakh central authorities staff, during which a brand new pension system was submitted as UPS, underneath which month-to-month fee kind 50 p.c of the essential wage can be given in. The choice was taken on the request of the staff unions, who demanded a assure of retirement profit.

The federal government nominated the publish of Cupboard Secretary in April 2023. A excessive -level committee was constituted underneath the chairmanship of Somathan. This committee was in regards to the overview of NPS and new pension system.

The federal government took this step then. When the opposition events sitting in energy in some states had been switching in the direction of the previous pension scheme and this was rising the financial burden.

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Heart notified Unified Pension Scheme for presidency staff

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