Big boost for govt employees: Pension to increase by 50% ahead of DA hike in April!
Great news for central government employees! The central government has made a major decision keeping in mind the welfare of its employees. A 50% increase in this amount will happen before the DA hike! Government employees' fortunes will change in April. How much has the amount increased?
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50% increase in this amount before the DA hike! Government employees' fortunes to change in April with a substantial payout.
The central government has made a major decision for employee welfare. Unified Pension Scheme (UPS) has been launched as an alternative to NPS.
This initiative, announced on January 24, will be implemented in April. UPS applies only to government employees already enrolled in NPS.
Government employees can choose between NPS and UPS. Eligible central govt employees under NPS now have the UPS option.
The old pension scheme offered 50% of the salary as pension. Under UPS, central employees will receive a fixed pension, half of the average basic salary of the past year.
Employees need at least 25 years of service for this pension. In case of death, the family receives a pension, 60% of the employee's pension.
A minimum guaranteed pension will also be provided. After 10 years of service, one can claim at least Rs 10,000 as pension.
