Hon’ble Prime Minister of India Sri Narendra Damodar Das Modi has launched UPS (Unified Pension Scheme) on August 24, 2024. The scheme is launched for the central government employees who joined services after January 1, 2004. The scheme will provide steady pension to the government employees based on their length of service and most basic salary drawn. The state government employees will receive a pension equal to 50% of their average salary drawn over the last 12 months, with inflation adjustments and other benefits. To avail the benefit under the scheme, the minimum qualifying service should be 25 years. This scheme will be effective from April 1, 2025 and will benefit 23 lakh central government employees.
About Unified Pension Scheme (UPS)
The Union Cabinet, controlled by Prime Minister Narendra Modi, approved the Unified Pension Scheme (UPS) for central government employees on Saturday, August 24, 2024. Maharashtra state became the first state to implement UPS (Unified Pension Scheme). The Unified Pension Scheme ensures dignity and financial security for government employees. Under this scheme, an assured minimum pension of Rs. 10,000 will be offered to those who worked for a minimum of 10 years. The Government is increasing its contribution from 14 percent to 18.5 percent. In case of the unfortunate death of a pensioner, their family will receive 60% of the pension the employee was receiving.
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Summary of UPS Scheme 2024
Name of the Yojana | UPS Scheme 2024 |
Launched By | Hon’ble Prime Minister of India Sri Narendra Damodar Das Modi |
Approved By | The Union Cabinet, controlled by the Prime Minister Narendra Modi |
Objective | The Scheme ensures dignity and financial security for government employees |
Benefits | The state government employees will receive a pension equal to 50% of their average salary drawn over the last 12 months |
Beneficiary | Central government employees who joined services after January 1, 2004 |
State | All states of India |
Year | 2024 |
Mode of Application | To be released soon |
Official Website | To be released soon |
Features of the UPS Scheme
Some features of the scheme are as follows:
- The scheme will provide steady pension to the government employees based on their length of service and most basic salary drawn.
- To qualify for the scheme, the minimum qualifying service should be 25 years.
- The Government is increasing its contribution from 14 percent to 18.5 percent.
- In case of the unfortunate death of a pensioner, their family will receive 60% of the pension the employee was receiving.
- This scheme will be effective from April 1, 2025, and will benefit 23 lakh central government employees.
Beneficiaries Under UPS Scheme
- The UPS (Unified Pension Scheme) is launched for the central government employees who joined services after January 1, 2004.
Date of Announcement
- The Union Cabinet, controlled by the Prime Minister Narendra Modi, approved the UPS (Unified Pension Scheme) on Saturday, August 24, 2024.
Eligibility Criteria
To avail the benefits under the scheme, candidates should fulfill these eligibility criteria:
- Applicants should be a resident of India.
- The scheme is launched for the central government employees who joined services after January 1, 2004.
- To qualify for the scheme, the minimum qualifying service should be 25 years.
Benefits of the UPS Scheme
Here are some benefits of the scheme, which are as follows:
- Under this scheme, an assured minimum pension of Rs. 10,000 will be offered to those who worked for a minimum of 10 years.
- The state government employees will receive a pension equal to 50% of their average salary drawn over the last 12 months, with inflation adjustments and other benefits.
- The scheme will benefit 23 lakh central government employees.
Contribution Amount Under UPS Scheme
- Government is increasing its contribution from 14 percent to 18.5 percent. In case of the unfortunate death of a pensioner, their family will receive 60% of the pension the employee was receiving.
UPS Scheme Application Process
The Union Cabinet, controlled by the Prime Minister Narendra Modi, approved the Unified Pension Scheme (UPS) for central government employees on Saturday, August 24, 2024.Currently, the scheme is in its initial phase and there is no such information available anywhere to know what is the process of application under the scheme. It will entirely depend on the government to accept the applicationsthrough online application form or offline application form.
Interested candidates are advised to stay updated through the official channels. Once the website is operational, applicants can submit their applications online, seizing the opportunity to access benefits under the Scheme. As soon as we get any update regarding the application procedure of the scheme we will update it here. So stay connected with us for latest updates.
FAQs
What is the benefit of the UPS Scheme 2024?
The state government employees will receive a pension equal to 50% of their average salary drawn over the last 12 months, with inflation adjustments and other benefits and an assured minimum pension of Rs. 10,000 will be offered to those who worked for a minimum of 10 years.
Who are the beneficiaries of the scheme?
Central government employees who joined services after January 1, 2004, are eligible for the scheme.
Who launched the scheme?
Hon’ble Prime Minister of India Sri Narendra Damodar Das Modi has launched UPS (Unified Pension Scheme).
What is the objective of the scheme?
The scheme ensures dignity and financial security for government employees.