Centre approves assured 50% of salary as pension for govt employees under Unified Pension Scheme
The Cabinet also approved continuation of the three umbrella schemes, merged into a unified central sector scheme namely ‘Vigyan Dhara’ of Department of Science and Technology (DST).
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday approved the Unified Pension Scheme (UPS), which aims to provide assured pension, family pension and assured minimum pension to government employees.
Under UPS, the government has assured 50 per cent of salary as pension for government employees.
As per the new scheme, government employees will be eligible to get 50 per cent of the average basic pay as pension, drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. As for assured family pension, 60 per cent of pension of the employee can be immediately drawn before his/her demise. In case of assured minimum pension, government employees will be eligible to receive Rs 10,000 per month on superannuation after a minimum service of 10 years.
The Cabinet also approved the continuation of the three umbrella schemes, merged into a unified central sector scheme namely ‘Vigyan Dhara’ of the Department of Science and Technology (DST).
The proposed outlay for the implementation of the unified scheme ‘Vigyan Dhara’ is Rs 10,579.84 crore during the 15th Finance Commission period from 2021-22 to 2025-26.
The Centre also approved the proposal ‘BioE3 (Biotechnology for Economy, Environment and Employment) Policy for Fostering High Performance Biomanufacturing’ of the Department of Biotechnology. The main features of the policy include innovation-driven support to R&D and entrepreneurship across thematic sectors.
