New Pension Scheme- Government employees got a big gift from 1st April. Now employees can take advantage of the Unified Pension Scheme. Under this scheme, employees get 10 thousand rupees as pension. But there are some conditions or eligibility regarding this, which are necessary to be fulfilled.
At the same time, the government gives the employees the option to use either the New Pension Scheme or the Unified Pension Scheme. The aim of this scheme is to create a balance between the Old Pension Scheme (OPS) and the New Pension Scheme (NPS). 10% of each employee’s salary will be deposited in the pension through UPS. The government will also contribute 18.5% from its side.
What is Unified Pension Scheme?
Unified Pension Scheme is called UPS. This pension scheme is specially designed for retirement. Under this scheme, the employee gets the benefit of guaranteed pension. At the same time, the benefit of minimum pension and family pension is also given.
What are the conditions?
First of all, every employee will have to give 10 percent of his basic salary for pension.
The government will contribute 18.5 percent in this.
Along with this, it is necessary for the employee to work for at least 10 years.
However, if an employee retires without any penalty under FR 56(j), he will be given pension.
Apart from this, even if you take voluntary retirement after 25 years of service, you can still avail the benefit of pension.
Who will not get the benefit?
If you have worked for less than 10 years.
An employee has been dismissed from service.
Or someone may have left the job on their own.
Under UPS, every employee gets a lump sum amount after retirement. Under this scheme, 10 percent of the basic and DA money is given as pension.
Under UPS, the employee gets a guaranteed pension of Rs 10,000 after retirement. But if the beneficiary dies, his family gets 60 percent of the pension money. Which means that the family will get a guaranteed pension of Rs 6000.