The Government of India has launched the UPS Scheme 2024. This scheme is called the Unified Pension Scheme (UPS) and is made to give a better and more stable retirement to all government employees in India. The Union Cabinet of India has given a thumbs up to this new plan.
The Unified Pension Scheme (UPS) brings together the old pension plan and the National Pension System. This is a big step because it combines the good parts of both plans. Under the new UPS, the government will now add more money to the pension. They will increase their part from 14 percent to 18.5 percent. This means that employees will get more help from the government when they retire.
Good news for all government employees! The employee contribution will stay the same, so you won’t have to pay more. This means everyone who works for the government can enjoy the benefits of the Unified Pension Scheme (UPS).
About the Unified Pension Scheme (UPS)
India’s Government has started a new plan called the Unified Pension Scheme (UPS) to help all Government employees have a safe retirement. This is a good option for them to save money for their future. According to the news, around 23 lakh Government employees in India can get the benefits of this Unified Pension Scheme (UPS).
The Government has made a big budget of INR 6250 crore for the first year of this Unified Pension Scheme (UPS). This shows how serious they are about helping employees plan for their retirement. If you are a Government employee in India and want to take part in this scheme, you need to go to the official website and fill out the online application form. It’s easy and will help you secure a good future.
Highlights of UPS Scheme 2024
| Name of the scheme | UPS Scheme 2024 |
| Introduced by | Government of India |
| Objective | Provide a more stable pension |
| Beneficiaries | Government employees of India |
| Official website | |
| Total budget | INR 6250 crore |
| Expected number of beneficiaries | 23 lakh |
UPS Scheme – Silent Features
- For a minimum qualifying service of 25 years, 50% of the average basic salary was drawn for the past 12 months before superannuation. Up to a minimum of 10 years of service, this compensation is to be commensurate with shorter service periods.
- 60% of the pension amount will be given to the Government employee’s family after his or her demise.
- After at least 10 years working as a government employee the applicant will receive INR 10,000 per month in superannuation.
- Inflation indexation on assured pension, assured family pension and assured minimum pension. Dearness Relief is based on the All India Consumer Price Index for Industrial Workers (AICPI-IW) as in the case of service employees.
- Lump sum payment at superannuation in addition to gratuity, 1/10th of monthly emoluments (pay + DA) as on the date of superannuation for every completed six months of service.
Number of Beneficiaries
- A total of 23 lakh Government employees will be selected as beneficiaries under the UPS Scheme 2024.
Date of Announcement
- The UPS Scheme 2024 was announced on 24th August 2024.
Eligibility Criteria
- The applicant must be a permanent resident of India.
- The applicant must be a government employee.
- The government employee must have registered under the UPS scheme.
Benefits of UPS Scheme
- The Government employees will receive 50% of their average basic salary for the last 12 months as a pension.
- The Government of India has also increased its contribution from 14% to 18.5% without affecting the employees’ contribution.
- The retiring government employee’s family will receive 60% of the pension amount after the sudden death of the retiree.
- The retiree will receive a pension of up to INR 10000 on superannuation after a minimum of 10 years of service.
- A total of 23 lakh Government employees will be benefited under the UPS scheme.
Contribution Amount Under UPS Scheme
- The Government of India has also increased its contribution from 14% to 18.5% without affecting the employees’ contribution.
UPS Scheme Application Process
STEP 1: All the applications to clear the eligibility criteria can visit the official website to apply for the UPS Scheme 2024 online.
STEP 2: Once the applicant reaches the official website’s home page, the applicant must click on the option apply here.
STEP 3: A new page will appear on your desktop screen the applicant must enter all the details that are asked and attach all the necessary documents on the application form.
STEP 4: After entering all the details the applicant must quickly review it and click on the option submit to complete their process.
FAQs
What is the total budget set up by the government of India to implement the UPS Scheme 2024?
The total budget of INR 6250 was set up by the government of India to implement the UPS Scheme 2024.
What is the contribution of the Government of India under the UPS Scheme 2024?
The Government of India has also increased its contribution from 14% to 18.5% without affecting the employees’ contribution under the UPS Scheme 2024.
How many beneficiaries will avail of the benefits under the UPS Scheme 2024?
A total of 23 lakh Government employees will be selected as beneficiaries under the UPS Scheme 2024.