*New Delhi, August 24, 2024* — In a significant move towards ensuring financial security for government employees, Union Minister for Railways, Communications, and Electronics & Information Technology, Ashwini Vaishnaw, announced the approval of a Uniform Pension Scheme (UPS) for all central government employees. The scheme is set to take effect from April 1, 2025.
Speaking at a press conference, Vaishnaw emphasized that the new scheme aims to provide a robust pension framework for government employees, ensuring their welfare post-retirement. "The Uniform Pension Scheme reflects the government's commitment to safeguarding the financial well-being of its employees. It is designed to offer stability and predictability in retirement benefits, addressing the evolving needs of our workforce," he said.
### Key Features of the Uniform Pension Scheme
1. **Pension from Basic Pay**: The scheme stipulates that government employees will receive a pension amounting to 50% of their last drawn basic pay. This change is expected to significantly enhance the retirement benefits for employees across various levels.
2. **Full Pension for 25 Years of Service**: Employees who have completed 25 years of service will be eligible to receive the full pension under the scheme. This provision is designed to reward long-term service and loyalty to the government.
3. **Post-Retirement Benefits for Spouses**: In a bid to provide continued financial support to the families of deceased employees, the UPS includes a provision for the spouse of a deceased pensioner to receive 60% of the pension amount. This measure ensures that the surviving spouse is not left financially vulnerable after the death of the pensioner.
### Implementation and Impact
The new pension scheme will come into effect from April 1, 2025, giving government departments ample time to transition to the new system. The move is expected to benefit millions of central government employees, providing them with a more predictable and equitable pension structure.
Experts have lauded the initiative, noting that it will bring uniformity to the pension system, which has previously seen variations across different sectors and levels of employment. The scheme is also expected to reduce the financial burden on employees who would otherwise have to rely on personal savings or other retirement plans.
### Government's Commitment to Employee Welfare
The announcement of the Uniform Pension Scheme is the latest in a series of steps taken by the central government to enhance employee welfare. With the introduction of this scheme, the government reiterates its dedication to ensuring that its employees are well-supported both during and after their service.
As the country prepares for the rollout of the new pension system, government employees and their families can look forward to a more secure and stable future. The scheme is a testament to the government's commitment to providing a dignified retirement for those who have dedicated their careers to public service.
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