New Delhi, Aug 24 (FN Agency) The Union Cabinet chaired by Prime Minister Narendra Modi on Saturday approved the Unified Pension Scheme (UPS) for central government employees providing for assured pension. The new pension scheme will come into effect from April 1, 2025. Briefing media on Cabinet decisions, Union Information and Broadcasting Minister (I&B) Minister Ashwini Vaishnaw said that the assured pension under UPS would be 50% of the average basic pay drawn over the last 12 months prior to superannuation.
He further said that the qualifying service for being eligible for full pension amount will be 25 years. “For those who have been in government service for less than 25 years but more than 10 years the pension amount will be calculated on a pro rata basis,” the Minister said. Vaishnaw said that around 23 lakh employees of the central government would benefit from the Unified Pension Scheme.