The scheme, to be effective from April 1, 2025, not only brings a sense of general optimism but is also a reassurance to government employees regarding their financial security.
Over the last few years, the opposition has highlighted the dissatisfaction of government employees with the National Pension Scheme (NPS), commonly known as the New Pension Scheme. The issues primarily revolve around the uncertainty of the amount due to market fluctuations and the lack of a fixed pension, which the UPS aims to address. The UPS ensures retirees a stable, fixed pension, a crucial benefit not offered by the NPS.
The UPS has three key features. First, assured pension of 50 percent of the employee's average basic pay drawn over the last 12 months before superannuation for a minimum service of 25 years. The amount would go down for a smaller service period, up to a minimum of 10 years. In the case of superannuation, after a minimum of 10 years of service, the UPS provides an assured minimum pension of 10,000 a month. Upon a retiree's death, their immediate family would be eligible for 60 percent of the last drawn pension.
Second, dearness relief will be available on all kinds of pensions, calculated based on the all-India Consumer Price Index for Industrial Workers, as is the case with serving employees.
Esta historia es de la edición September 06, 2024 de The New Indian Express.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición September 06, 2024 de The New Indian Express.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
'I Know How to Play Real Characters'
Jennifer Lopez speaks to Katie Ellis on how Unstoppable made her realise that she can overcome anything in life
Of Our Non-violent Ancestors
Pattanaik provides a comprehensive insight into the mysterious world of the Harappan civilisation
The Corrosive Power of Pride
Pride fosters a sense of superiority that harms relationships, distorts the mind, and impedes personal and spiritual growth
Market on the Sands
The Rathgama Wella Fish Market
Stepping Across the Worry Lines
The Raghu Dixit Project launches a new album Shakkar as a vernacular statement about India and diversity
Stop Inane and Diversionary Debates, and Focus on What Really Matters
I am neither an economist nor a financial expert, but I feel a perfect storm is brewing in the Indian economy.
Every Woman's Brushstrokes
A beautiful blue and pink-hued sky surrounded by lush greenery. Within this is a tree with specks of orange and yellow, besides which is a bed where a woman is sleeping her flowing tresses falling into the foliage.
Untangled Threads He Weaves
An embroiderer who grew up poor is a celebrity in demand with collectors and artists
PROCESS TO IMPEACH MEMBERS OF THE HIGHER JUDICIARY
The VHP chief said he was not aware of the exact nature of the comments on \"majority,\" attributed to the HC judge, but \"I would not be apologetic,\" even if Justice Yadav had said so.
2032 OLYMPICS BRIS-BANE: PAUSE & EFFECT
Since the time it was announced as host city for 2032 Olympics, the road so far has been far from ideal for Brisbane and Queensland. Uncertainty over venues and spiralling costs have led to some confusion. With the 100-day review nearing completion, Gomesh S finds out how the city is gearing up for 2032 Summer Games...
