After the announcement of Unified Pension Scheme (UPS), people want to know about it. People also want to know that if they retire now, how much pension will they get under UPS? Here is the calculation on some basic salary that if their salary is 60, 70 and 80 thousand rupees, then how much pension will they get. Let us understand in simple language, but before that let us know in detail the announcement and terms and conditions under this scheme.
Announcement under Unified Pension Scheme (UPS)
The central government announced the Unified Pension Scheme on August 24, 2024, which will come into effect from April 1, 2025. This scheme will provide pension benefits on the contribution of government employees. A fixed pension will be available under this scheme. Along with this, family pension will also be given after the death of the employee. Those who served for 10 years or more but less than 25 years will be given Rs 10,000 per month as minimum pension.
How much pension will retired employees get?
This pension will be available only when an employee has worked for 25 years. The pension amount will be 50 percent of the average basic salary of 12 months. Family pension – 60 percent of the employee’s pension will be given. If the employee has worked for 10 years or more, then he will be given Rs 10,000 every month as minimum pension.
How much will the government and employees contribute
Under this pension scheme, the government will contribute 18.4%, while the employees will have to contribute 10% of their basic salary + DA. Pension will be given under UPS on the basis of this contribution.
How much pension on a basic salary of Rs 60,000?
If your average basic salary of 12 months is Rs 60,000, then after retirement, a pension of Rs 30,000 (including DR) will be given under UPS. Whereas after the death of the employee, the family will be given Rs 18,000 (including DR).
- Pension on salary of Rs 60,000 = 50% of Rs 60,000 + DR = Rs 30,000 + DR
- Family pension on Rs 30,000 pension – 60% of Rs 30,000 + DR = Rs 18,000 + DR
Pension on basic salary of Rs 70,000
If an employee’s average basic salary for 12 months is Rs 70,000 and he has worked for at least 25 years, then after retirement he will get pension like this under UPS.
- Pension on salary of Rs 70,000 = 50% of Rs 70,000 + DR = Rs 35,000 + DR
- Family pension on Rs 35,000 pension – 60% of Rs 35,000 + DR = Rs 21,000 + DR
How much pension will be there on a basic salary of 80 thousand?
If the average basic salary of a government employee for 12 months is Rs 80,000 and he has worked for at least 25 years, then he will get this much pension under UPS.
- Pension on salary of 80 thousand = 50% of Rs 80,000 + DR = Rs 40,000 + DR
- Family pension on Rs 40,000 pension – 60% of Rs 40,000 + DR = Rs 24,000 + DR
Source (PTI) (NDTV) (HINDUSTANTIMES)