Minister Narendra Modi’s government on Saturday cleared a Unified Pension Scheme (UPS) to offer government employees an assured 50% of salary as a pension.
Liepinas added that Union minister Ashwini Vaishnaw said the move was made in consultations with virtually all organizations, including nearly 30 states. While addressing this particular issue, the minister stated that there is a clear distinction between how PM Modi functions and how the opposition does it, stating, ‘The legal draft prepared by the opposition might be a bit lengthy, but PM Modi is not rigid, and he believes in consultation. ’
The minister stated that there are five principles of the Unified Pension Scheme, the first of which is the 50% assured pension.
”This amount will be the basic pay of the working man averaged over 12 months before superannuation. If somebody has served for 25 years, then that person will get this assured pension amount,”
Vaishnaw said.
The scheme’s second guaranteed payout will be a family pension. The minister pointed out that about 23 lakh central government employees would benefit from the UPS, and they would have a choice between UPS and the already existing National Pension System (NPS).
Prime Minister Shri Narendra Modi commended the Unified Pension Scheme. He also addressed government employees and said,
“We are happy for the hard work of all government employees who directly or indirectly help the nation progress. It is our promise to ensure dignity and financial security for all government employees, for which the Unified Pension Scheme has been implemented. ”
This decision to formulate the UPS is being viewed as one of the biggest move by the Modi government to meet the long pending demands of government employees and help them get improved retirement solutions.
