DRM Sealdah convened Press conference for emanating information about Unified Pension Scheme

Kolkata : Divisional Railway Manager (DRM) of Sealdah has convened a press conference today 26.08.2024) to brief media about “Unified Pension Scheme (UPS), recently approved by Government of India. The Unified Pension Scheme, is a visionary initiative for Central Government employees, aimed at providing comprehensive safety net for employee welfare, ensuring their financial stability, security and dignity at the time of retirement.

DRM Sealdah Deepak Nigam highlighted the salient features of the Unified Pension Scheme (UPS) detailed hereunder:

1. Assured Pension: 50% of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years.
   Proportionate for lesser service period up to a minimum of 10 years of service.
2. Assured Family Pension @60% of pension of the employee immediately before her/his demise.
3. Assured Minimum Pension @ ₹10000 per month on superannuation after minimum 10 years of service.
4. Inflation Indexation: On assured pension, on assured family pension and assured minimum pension Dearness Relief based on the All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of serving employee.
5. 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 the service.
   • This Payment will not reduce the quantum of assured pension.
6. Employee contribution will not increase. Government will provide additional contribution for implementing UPS. Govt. contribution will be increased from 14% to 18.5%.
7. UPS is being implemented by the Central Government. Benefiting ~ 23 lakh Central Government employees.
8. The same architecture has been designed for adoption by State Governments. If also adopted by State Governments, can benefit over 90 lakh Government employees who are presently on NPS.
9. The UPS to be given effect from April 1, 2025. Support mechanism and necessary legal, regulatory and accounting changes will be readied.
10. UPS will be available as an option to the employees. Existing as well as future employees will have an option of joining NPS or UPS. Choice, once exercised, will be final.