"Unified Pension Scheme" for government workers is approved by the center

 On Saturday, the Narendra Modi government approved a new Unified Pension Scheme, guaranteeing 50 percent of an employee's salary as a pension for government workers.

"Unified Pension Scheme" for government workers is approved by the center

Union Minister Ashwini Vaishnaw announced the decision, stating, "Government employees have requested modifications to the New Pension Scheme. In response, Prime Minister Modi set up a committee led by Cabinet Secretary TV Somanathan. This committee engaged in over 100 meetings with various organizations and representatives from almost all states."

Vaishnaw highlighted a distinct difference between how Prime Minister Modi operates compared to the opposition. He noted, "Unlike the opposition, PM Modi believes in comprehensive consultations. The committee, after extensive discussions with all stakeholders, including the Reserve Bank of India and the World Bank, has recommended the implementation of a Unified Pension Scheme. Today, the Union Cabinet has approved this scheme, and it will be rolled out in the near future."

‘50% Assured Pension: The First Pillar of the Scheme’

Minister Vaishnaw elaborated, stating, "The first pillar of the Unified Pension Scheme (UPS) is the assurance of a 50 percent pension. The second pillar ensures a family pension for employees. Approximately 23 lakh central government employees will benefit from the UPS. Additionally, employees will have the option to choose between the existing New Pension Scheme (NPS) and the new Unified Pension Scheme."

Explaining the details of the scheme further, Vaishnaw said, "The Unified Pension Scheme is built on five main pillars. The employees demanded a guaranteed pension amount, which is a reasonable expectation. Therefore, the scheme ensures a 50 percent pension based on the average of the basic pay of the last 12 months before retirement. If an employee has served for 25 years, they will receive this assured pension amount."

PM Modi Praises the Unified Pension Scheme 

Prime Minister Narendra Modi expressed his approval of the Unified Pension Scheme, stating, "We are proud of the dedication and hard work of all government employees who play a crucial role in the progress of our nation. The Unified Pension Scheme is designed to provide financial security and dignity to government employees, reflecting our commitment to their well-being and ensuring a secure future for them."

The government is set to move forward with the implementation of the scheme, which promises to address the concerns of government employees and provide them with greater financial stability in their retirement years.