1. Heavy rainfall has led to severe flooding in Manipur’s Thoubal District.
2. A relief camp is now operational to support affected residents.
3. Khangabok Village faces its third flood this year.
New Delhi, Aug 25: The central government has launched the Unified Pension Scheme (UPS), aimed at ensuring financial security for government employees through guaranteed pensions, family pensions, and a minimum pension threshold.
Effective from April 1, 2025, the UPS offers several benefits:
- Pension Assurance: Employees with a minimum of 25 years of service will receive a pension equal to 50% of their average basic pay from the last 12 months. For those with less than 25 years of service, the pension will be proportionate to the years served, with a minimum of 10 years required for eligibility.
- Family Pension: In the event of an employee’s death, their family will receive a pension equivalent to 60% of the deceased’s last drawn pension.
- Minimum Pension Guarantee: Retired employees with at least 10 years of service will be assured a minimum pension of Rs 10,000 per month, regardless of their earnings during service.
- Inflation Protection: Pensions will be adjusted for inflation based on the All India Consumer Price Index for Industrial Workers (AICPI-IW), safeguarding retirees against rising costs.
- Lump-Sum Payment: Upon retirement, employees will receive a lump-sum payment calculated as 1/10th of their last drawn monthly pay (including DA) for every six months of service completed. This payment will not affect the assured pension amount.
Also Read: Manipur Floods: Relief Camp Established as Thoubal District Submerges
For Past Retirees:
- Those previously under the National Pension System (NPS) will have the option to switch to UPS and will receive arrears with interest, calculated at Public Provident Fund (PPF) rates.
Contribution Structure:
- Employee contributions will remain unchanged. However, the government’s contribution will increase from 14% to 18.5%, providing greater support to employees.
Beneficiaries:
- Around 23 lakh central government employees are expected to benefit. State governments are encouraged to adopt UPS, potentially extending benefits to over 90 lakh employees currently under NPS.
In summary, the Unified Pension Scheme is designed to offer enhanced financial security to government employees, with guaranteed pensions and family support, while also addressing inflation.
Employees will have the choice to either continue with NPS or switch to UPS, but once the decision is made, it will be final. The government is committed to implementing this scheme by 2025.
