Centre approves Unified Pension Scheme providing Assured Pension, Assured Family Pension

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desiman
Centre approves Unified Pension Scheme providing Assured Pension, Assured Family Pension

Read more At: https://www.aninews.in/news/national/general-ne...

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Deal Major Deal Major
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Yes can any one explain it plus those who are already on family pension is it beneficial for them too or just current employees

Critic Critic
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@desiman

New pension scheme(NPS)

To get pension -

Employee's contribution - 10%

Employer's contribution - 14%

This corpus will be invested in various bonds and stock market

After retirement the 40 % of the corpus money will be invested in market and returns from there will be systematically withdrawn to give pension.

No gratuity

No fixed pension at the retirement as it was subject to market risk(share market)

No dearness allowance for the pensioners

UPS

To get pension -

Minimum service of 10 years.

The government will contribute 18.5%.

No contribution will be taken from the employee.

Fixed pension will be provided depending upon service years.

After completing 25 years in service the pension will be calculated as

50% of the last 12 month average of basic salary+ dearness allowance

Gratuity will be given as you complete 6 years service you will be entitled for 1 month of salary as gratuity and accordingly calculated for your service years

Dearness allowance will be provided

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Deal Cadet Deal Cadet
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What is the difference between UPS & NPS?

NPS was forced on new recruits in many sectors/governments and was brought in to lower the pension bill/debt of the governments to ensure fiscal prudence, like Agniveer army scheme.

Why sudden switch now, despite parliament denial?

Deal Lieutenant Deal Lieutenant
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Wow nice nice, great news:)

VU+ for the news to spread

Can anyone elaborate this Unified Pension scheme in LAYMAN TERMS

as i am new to this?:) please do help to understand this in layman terms

Deal Major Deal Major
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Yes can any one explain it plus those who are already on family pension is it beneficial for them too or just current employees

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Deal Cadet Deal Cadet
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For Government employees Gratuity is available for NPS Employees on superannuation or death already.

https://pensionersportal.gov.in/Document/Import...

In UPS they have told they won't increase employee contribution which at present 10% and so it will continue. But government's contribution they are increasing present 14% to 18.5%

In NPS Lumpsum 60% of pension savings will be given back to employee  will be given to employee on superannuation but in UPS they have not told anything which may mean they will take back everything including employee contribution to give 50% Guaranteed Pension

It is BJP Government. Better not expect something for common man.


UPS will be beneficial for level 1 to level 3 employees and also whose service was less as they wil be getting minimum 10,000 pension.


Deal Lieutenant Deal Lieutenant
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You mean to say UPS has 10% employee contribution ??? 

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Deal Cadet Deal Cadet
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1000093490

Yes 10% employee contribution will continue.

Deal Lieutenant Deal Lieutenant
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hmm i think its for EXISTING employees who are in NPS 


but those who join in NEW UPS (NEW first joining EMPLOYESS) after 1st April 2025 my guess is they wont have 10% contribution (have to wait and see)

Helpful Helpful
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Good 

Deal Subedar Deal Subedar
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is it applicable for Delhi government employees too ?
Deal Lieutenant Deal Lieutenant
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applies to Central govt jobs


so Delhi is union territory so my guess is it wont be unless you work in central govt related jobs at Delhi

not sure how rules applies for union territory (I might be wrong, someone please correct me if i am wrong)

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