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.
Denne historien er fra September 06, 2024-utgaven av The New Indian Express.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra September 06, 2024-utgaven av The New Indian Express.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Real upset as Lille beat Madrid; Villa down Bayern
KYLIAN Mbappe came off the bench but couldn't prevent defending champion Real Madrid from losing 1-0 at unheralded Lille in the revamped Champions League on Wednesday.
WOMEN LOOK TO STORM DESERT
After the dress rehearsals, it’s time for the real thing as India take on New Zealand in their opening match of the WC
Blow as India miss out on big wrestling events
AFTER losing the hosting rights of the tournament last year due to the wrestlers' protest, India were keen to organise the Senior, U23 and U17 Asian Wrestling Championships next year.
Tata Electronics to resume ops at Hosur plant
TATA Electronics on Thursday announced that it will resume certain operations at its Hosur, Tamil Nadu plant, which produces components for Apple iPhones.
Banking industry likely to increase funding for cloud
BANKS have now increased cloud spending and they are more likely to increase spending on cloud in the year ahead, according to Infosys' Cloud Radar: Banking Industry Report.
Hyundai's much awaited IPO to hit market on Oct 14
THE much-awaited initial public offering (IPO) of Hyundai Motor India, the Indian arm of South Korean automaker Hyundai, is expected to hit the market on October 14, said people familiar with the development.
WazirX to set up creditors' panel by October 9
CRYPTO exchange WazirX has said it will initiate the process of forming a Committee of Creditors (COC) by October 9, and it aims to hold the first COC meeting within a week of the formation of the COC.
Q2FY25 IT results preview: Revenue growth to be positive
IT services companies might report better earnings in the second quarter of this fiscal year as analysts believe that there have been improvements in decision cycles and that Generative AI deals will be in focus.
ITC allowed on construction costs for rental realty
IN a landmark ruling, the Supreme Court on Thursday provided major relief to property owners by affirming that input tax credit (ITC) on construction costs for rental buildings can be claimed, likening such properties to \"plants\" in a factory that generate economic output.
Middle-East conflict: ₹10L cr erased from mkt
Extending losses for fourth consecutive session, BSE Sensex and NSE Nifty 50 crashed more than 2% each