The central government has approved the Unified Pension Scheme (UPS). Do you know what benefits government employees will get from the Unified Pension Scheme? Today we will tell you about the new Unified Pension Scheme (UPS). Apart from this, today we will also tell you what are the rules regarding pension scheme in India’s neighboring country Pakistan.
Unified Pension Scheme
It is worth noting that the government is criticized across the country for abolishing the Old Pension Scheme (OPS). But now Narendra Modi The government on Saturday approved the Unified Pension Scheme (UPS). It will come into effect from the next financial year i.e. financial year 2025-26. The biggest feature of UPS is that it includes selected features of the Old Pension Scheme (OPS) and National Pension Scheme (NPS). Like OPS, a fixed pension will be ensured in UPS as well, which can ensure financial security of employees after retirement.
What facilities will be available in pension?
After retirement, every Central Government employee will be compulsorily given half of his average i.e. 50 percent of his last 12 months’ salary and dearness allowance as pension. Apart from fixed pension, UPS also includes fixed family pension, fixed minimum pension, inflation indexation, inflation relief and gratuity on retirement as well as lump sum payment.
Let us tell you that the new Integrated Pension Scheme (UPS) provides a combination of those benefits for every employee, which are given in Old Pension Scheme (OPS) and National Pension Scheme (NPS). UPS includes facilities like fixed pension, inflation indexation, fixed family pension and minimum pension from OPS. Apart from this, a feature of NPS has also been included in UPS. This is a contributory financed scheme. This will ensure that the employees themselves contribute to their pension fund, so that they can get more pension on retirement.
Pension scheme in Pakistan
Now the question is what is the pension scheme in India’s neighboring country Pakistan. Let us tell you that just 2 months ago, during the presentation of the budget, the Finance Minister of Pakistan has talked about increasing the pension by 25 percent. During this time, the government had said that a new pension scheme has been introduced in Pakistan. In which some funds will be deposited in the pension fund every month from the salary of government employees. This fund of Pakistan is worth 67.48 billion dollars. Let us tell you that Pakistan’s pension scheme is similar to India’s old pension scheme, which was opposed.
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