Cabinet Note: Cabinet approves Unified Pension Scheme

 

Cabinet approves Unified Pension Scheme

The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today approved the Unified Pension Scheme (UPS).

The salient features of the UPS are:

1. Assured pension: 50% of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. This pay is to be proportionate for lesser service period upto a minimum of 10 years of service.
2. Assured family pension: @60% of pension of the employee immediately before her/his demise.
3. Assured minimum pension: @10,000 per month on superannuation after minimum 10 years of service.
4. Inflation indexation: 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 service employees
5. lump sum payment at superannuation in addition to gratuity

1/10th of monthly emoluments (pay + DA) as on the date of superannuation for every completed six months of service this payment will not reduce the quantum of assured pension

Brief of the meeting between NC (JCM) and PM held on 24.08.2024 and approval of UPS

Ph.: 23382286
National Council (Staff Side)
Joint Consultative Machinery
13-C, Ferozshah Road, New Delhi – 110001
E-Mail : nc.jcm.np[at]gmail.com

No.NC/JCM/2024

Dated: August 24, 2024

All Constituent Organizations,
National Council(JCM)

Dear Comrades,

Sub: Brief of the held meeting held today between the Standing Committee Members of the National Council (JCM) and Hon’ble Prime Minister of India

A meeting of the Standing Committee of the National Council(JCM) held today with Hon’ble Prime Minister of India, Shri Narendra Modi, at his residence, wherein Hon’ble Finance Minister, Smt. Nirmala Sitharaman and Shri T.V. Somanathan, Chairman of the Committee constituted to review Pension System for Government Employees and designated Cabinet Secretary, were also present.In the said meeting; Hon’ble Prime Minister and Cabinet Minister approved the Unified Pension Scheme(UPS), the salient features of which are as under.-

(i) Assured Pension – 50% of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. This pay is to be proportionate for lesser service period up to a minimum of 10 years of service.

(ii) Assured Family Pension @ 60% of pension of the employee immediately before her/his demise.

(iii) Assured Minimum Pension @ 10,000 per month on superannuation after minimum 10 years of service.

(iv) Inflation indexation 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 service employees.

(v) Lump sum payment at superannuation in addition to gratuity 1/10″ of monthly emoluments (pay + DA) as on the date of superannuation for every completed six months of service this payment will not reduce the quantum of assured pension

While congratulating all of you on our great achievement, I admire your struggle.

Comradely yours,

(Shiva Gopal Mishra)
General Secretary