UPS vs NPS vs OPS Update: The Central Government has launched a new pension scheme named Unified Pension Scheme for its Central Government Employees, which will benefit 23 lakh Central Government employees. These employees will be able to get assured pension.
Now the question arises that how much pension will the central government employees who retire after completing 25 years of service get under the Unified Pension Scheme. To get pension under the Unified Pension Scheme, it is necessary that the employee has worked for at least 25 years. In the Unified Pension Scheme, the pension will be calculated by adding dearness allowance to the average basic salary of the central government employee for the 12 months before his retirement.
How much pension will you get?
If the basic salary is Rs 50,000
Suppose the average basic salary of a central government employee for the 12 months before retirement is Rs 50,000. Then after retirement, the employee will be given Rs 25,000 per month + dearness relief as pension under the Unified Pension Scheme.
If the basic salary is Rs 60,000
Employees who have worked for 25 years and whose average basic salary in the 12 months before retirement is Rs 60,000, will get Rs 30,000 per month under UPS after retirement + the amount after adding dearness relief as pension.
If the basic salary is Rs 1 lakh
If a central government employee, after working for 25 years, has a basic salary of Rs 1 lakh per month in the last 12 months of his service, then under the Unified Pension Scheme, the amount that will be formed after adding Rs 50,000 per month + dearness relief after retirement will be given as pension.
Pension calculation is different in UPS-OPS
Both Unified Pension Scheme and Old Pension Scheme have provision for assured pension to central government employees. But in Old Pension Scheme, 50% of the basic salary of the month before retirement of the government employee + dearness allowance is given as pension. But in Unified Pension Scheme, the amount that is calculated after adding dearness allowance to 50% of the average basic salary of 12 months before retirement will be given as pension.
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