Unified Pension Scheme for govt employees providing assured minimum pension approved by PM Modi-led Cabinet

In a major decision, Prime Minister Narendra Modi-led Cabinet on Saturday (August 24) approved the Unified Pension Scheme (UPS) for government employees, providing assured minimum pension and family pension. The significant move aims to provide assured pension, family pension and assured minimum pension to the central and state government employees. Union Minister Ashwini Vaishnaw shared the information during the media briefing after the Cabinet meeting. He said that the Centre constituted a committee which held over 100 meetings with several top organisations, including the RBI and World Bank.

Based on the recommendation of the committee, the UPS was approved in the Cabinet meeting on



Saturday.

Unified Pension Scheme to benefit 23 lakh government employees

Around 23 lakh government employees of the central government would benefit from the UPS, the Minister said, adding that they will have the option to choose between the New Pension Scheme and UPS.

"Today the Union Cabinet has approved Unified Pension Scheme (UPS) for government employees providing for the assured pension...50% assured pension is the first pillar of the scheme...second pillar will be assured family pension...About 23 lakh employees of the central government would benefit from the Unified Pension Scheme (UPS)...There will be an option for the employees to opt between NPS and UPS," he said.