Govt of India has approved the concept of Unified Pension system for Govt Employees under Govt of India and state Govt who are presently covered under NPS. According to the report published by PIB, Substituete of OPS for NPS employees conceptualised by the Govt which will be effective from 01.04.2025 and know as Unified Pension System for Govt Employees with assured 50% of Last Pay as Pension. Main features are as under –
Assured Pension Same as OPS
Employees on superannuation will get 50 % of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. Proportionate pension amount for lesser service period upto a minimum of 10 years of service.
Assured Family Pension for NOK of Govt Employees under NPS
@60% of pension of the employee immediately before her/his demise will be awarded as Family Pension to the Next of Kin of the Pensioner/employee.
Assured Minimum Pension for Govt employees :
All Govt employyes, on superannuation will get minimum @ Rs 10000 per month on superannuation after minimum 10 years of service.
Inflation Indexation / Dearness Relief
On assured pension, on assured family pension and assured minimum pension, Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of serving employees will be given.
Lump-Sum payment at superannuation in addition to gratuity
1/10th of monthly emolument (pay + DA) as on the date of superannuation for every completed six months of service will be awarded as Lump Sum payment on superannuation. This payment will not reduce the quantum of assured pension.
All old cases who have retired under NPS will be revised under UPS. The scheme will be effective wef 01.04.2025
Contribution from Employee
Employees contrinution to be continues i.e 10% of pay. Govt contribution will increase to 18.5%
