Unified Pension Scheme From 1 April 2025: Eligibility, Death Benefits, and More
Unified Pension Scheme From 1 April 2025: What You Need to Know
The much-anticipated Unified Pension Scheme (UPS) is set to roll out on April 1, 2025, as announced by the Narendra Modi government. Aimed at providing financial security to employees, this initiative promises a fixed pension, ensuring peace of mind for workers across various sectors.
Who Is Eligible for the 50% Guaranteed Pension?
The Unified Pension Scheme targets public and private sector employees who are part of the organized workforce. To qualify for the 50% guaranteed pension, employees must meet specific criteria:
- Must be enrolled in the UPS before retirement.
- Must have completed a minimum of 10 years of service.
- Employees should have contributed consistently to the pension fund.
Once eligible, individuals can look forward to receiving a pension amounting to 50% of their last drawn salary, providing a stable income post-retirement.
What Are the Death Benefits for Families?
The UPS also includes essential provisions for the families of employees. In the unfortunate event of an employee’s demise, the following benefits will be provided:
- Family members will receive a lump sum payout equivalent to the total contributions made by the employee.
- Additionally, the family will be entitled to a monthly pension, ensuring continued financial support.
This initiative not only safeguards the future of employees but also ensures that their families are taken care of, making it a comprehensive pension solution.
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