From OPS to NPS: A Unified Pension Scheme for Government Servants with 50% of Final Salary Guaranteed as Pension
The Government of India has approved the concept of a Unified Pension Scheme for Government of India and State Government Employees currently covered under NPS. According to a report issued by PIB, a scheme to replace OPS for NPS employees will be formulated by the government and will be known as the Unified Pension Scheme for Government Servants with 50% of Final Salary Guaranteed as Pension, which will come into force from 1 April 2025. As a pension. Its main features are:
Guaranteed pension, same as OPS
Employees who receive pension will receive 50% of their average basic salary for the last 12 months prior to receiving pension for a minimum of 25 years of service. If the service is less than 10 years, a pro rata pension will be paid.
Guaranteed family pension for NOK civil servants under NPS
60% of the employee's pension immediately before death will be paid to the pensioner/employee's close relatives as survivor pension. Guaranteed minimum pension for government employees:
All government employees will receive a minimum monthly pension of Rs 10,000 after at least 10 years of service.
Inflation indexation
Guaranteed pension, guaranteed family pension and guaranteed minimum pension will be provided along with cost of living coverage based on the All India Industrial Workers Consumer Price Index (AICPI-IW) as for active employees.
Lump sum payment in addition to retirement benefits
A lump sum payment of one-tenth of the monthly remuneration (salary + DA) at the time of retirement will be paid for every six months of service. This payment will not reduce the amount of guaranteed pension.
All legacy cases that have been abolished under NPS will be examined under UPS. The program will take effect on April 1, 2025.
Employee Contributions
Employee contributions will remain, i.e., 10% of salary. State contributions will increase to 18.5%.
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