Unified Pension Scheme Secures Future for Government Employees

Prime Minister Narendra Modi announced the Unified Pension Scheme, providing financial security for government employees with an guaranteed 50% of their salary as pension. The scheme applies to employees under the National Pension System and requires a minimum of 10 years of service.

Prime Minister Narendra Modi announced on Saturday that the Unified Pension Scheme ensures dignity and financial security for government employees. This aligns with the government's commitment to their well-being and secure future.

Following the Union Cabinet's approval, 23 lakh government employees who joined service under the National Pension System (NPS) will receive an assured 50% of their salary as pension.

The NPS, applicable to employees joining service after April 1, 2004, is based on contributions rather than a defined benefit plan. Modi expressed pride in the hardworking government employees contributing to national progress, affirming that the Unified Pension Scheme supports their dignity and financial security. Information and Broadcasting Minister Ashwini Vaishnaw confirmed the eligibility for this 50% pension, which requires 25 years of service, with proportionate benefits for shorter service periods down to a minimum of 10 years.

(With inputs from agencies.)