Minimum Pension Rules: The Government of India has launched the Unified Pension Scheme, accepting the years-old demand of employees and pensioners. It will be implemented from April 1, 2025. 23 lakh employees are going to benefit from this decision of the government. If the state governments also implement it, then this figure will go above 90 lakh. Maharashtra has implemented UPS in its state.
In this, the government has made a rule that those who work for 25 years will get half of their salary as pension. Apart from this, a pension of Rs 10,000 has also been arranged for those who work for a minimum of 10 years. Now the question arises here that what arrangement has been made in UPS for those who work for less than 10 years. So let us tell you that if you have not worked for 10 years, then you will not get even a single rupee as pension. Let us understand this in detail.
NPS will continue along with UPS
While announcing the Unified Pension Scheme, Union Information and Broadcasting Minister Ashwini Vaishnaw had said that the government will also continue the New Pension Scheme. He had said that employees will be given the opportunity to choose one of the two options. Once the pension system is chosen, it cannot be changed. Now information was given about those who work from 10 years to 25 years. But, it was not told what will happen to those who work for less than 10 years.
You will not get pension if you retire before 10 years
According to UPS guidelines, 50% of the average basic salary of the last 12 months of the employee’s service will be given to him as pension after retirement. In case of death during service, 60% of the salary will be given as family pension. However, those who retire before 10 years will not get anything in pension under UPS. Even if your service is only 9 years and 11 months. If 10 years of service is completed, then along with the fixed pension, the benefit of DR will also be added to it.
If you have worked for less than 25 years, your pension will be decided by this formula
Another thing to understand here is how much pension you will get if your service is more than 10 years and less than 25 years. The government has also made a formula for this. If an employee retires after working for 24 years, he can get a pension between 45 to 50 percent as compared to 50 percent fixed for 25 years. Apart from this, under UPS, along with gratuity, a lump sum amount will also be given on retirement. It will be calculated as 10th part of the basic salary and dearness allowance for every 6 months of service of the employees. In this, the amount of gratuity can be less than OPS.
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