Pension Scheme Gazette - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Mon, 27 Jan 2025 04:48:40 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.3 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png Pension Scheme Gazette - Rightsofemployees.com https://www.rightsofemployees.com 32 32 Central government released Unified Pension Scheme Gazette – Key Details Inside https://www.rightsofemployees.com/central-government-released-unified-pension-scheme-gazette-key-details-inside/ Mon, 27 Jan 2025 04:48:40 +0000 https://www.rightsofemployees.com/?p=38755 The Government of India has issued the gazette of Unified Pension Scheme on the eve of Republic Day. Employee organizations have called it a big blow. Manjit Singh Patel, President of National Mission for Old Pension Scheme India, has said that the government has shot itself in the foot before the budget. VRS will be […]

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]]> The Government of India has issued the gazette of Unified Pension Scheme on the eve of Republic Day. Employee organizations have called it a big blow. Manjit Singh Patel, President of National Mission for Old Pension Scheme India, has said that the government has shot itself in the foot before the budget.

VRS will be available only after 25 years of service in UPS. Not only this, after this the employee will have to wait till the age of sixty years for pension. If an employee retires at the age of 45, then he will have to wait for 15 years for pension.

Patel said, employees demanding restoration of old pension will be included in the Unified Pension Scheme based on their choice. If the employee chooses Unified Pension Scheme as an option, he will get the benefit of assured pension. National Pension System i.e. NPS will continue as before. No change has been made in it.

cThe Unified Pension Scheme will be applicable only to those employees who retire after completing at least 10 years of qualifying service. All such employees will be given 50 per cent of the average of the last 12 months as pension. It will also include dearness allowance, but in lieu of this, the employee contribution taken under NPS will also go to the government account. In lieu of the said contribution, the government will return one-tenth of the salary to the employees every six months in the form of a lump sum amount.

Voluntary retirement will be given only after completing 25 years of service, but all those employees will get pension only after completing superannuation. That is, they will be paid pension from the date of their actual retirement, after 25 years of service they will have to wait till the age of 60.

The demands of the employees were as follows:- 

  •  For pension, the government should consider 20 years of service instead of 25 years of service as the basis and allow voluntary retirement only after 20 years of service, like NPS/OPS.
  •  Pension should also start immediately after voluntary retirement and not from the date of retirement. 
  •  Instead of lump sum amount, employee contributions should be returned along with interest.

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