00:00The central government has given a big gift to the government employees by putting a seal on the unified pension system, or UPS, in the central cabinet's meeting.
00:13In place of the old pension scheme and the national pension system, the government has announced a new pension system.
00:19Under this, the existing pensioners are being given the option of a unified pension scheme in place of NPS and OPS.
00:26After April 2004, every government employee who starts a job can benefit from this new pension system.
00:34The salary of government employees can be increased by up to 19%.
00:38How? Let's try to understand in this video.
00:41First of all, we will know what the unified pension system is.
00:45On August 24, last Saturday, the Modi government of the central government has approved the unified pension scheme.
00:52The central government has named this pension scheme as the unified pension scheme.
00:56The opposition has been accusing the central government of the national pension system for a long time.
01:01Opposition leaders were saying that the government is not giving government employees their pension due to the national pension system.
01:10According to the central government, government employees who subscribe to UPS will benefit a lot from this new pension scheme.
01:18The simple reason for this is that in UPS, the government's contribution to the pension fund will increase to 18.5%, which is currently at 14%.
01:28Now, some surveys have also been done for this, according to which 19% of the salary of government employees will be directly benefited.
01:37However, there are some rules for this, such as the employee's monthly salary will be up to Rs 50,000, only then will he be able to be a beneficiary.
01:45Reports show that with this scheme, the employee can see an increase of 3% in his annual salary hike.
01:53This will increase to 8% CAGR, i.e. Compound Annual Growth Rate.
01:58However, in the reports, the employees have not been included in the awards of inflation and pay commission.
02:04Therefore, according to the calculation that has been done, the pension corpus or pension course can increase further.
02:11This scheme will be in effect from April 1, 2025, and government employees will get a guaranteed pension after retirement.
02:18The government has not made the Unified Pension Scheme a default pension scheme, but it can be considered an option for the current National Pension Scheme.
02:26With this pension scheme, more than 90 lakh government employees across the country can benefit directly.
02:32Now, let's find out why this pension system was needed.
02:37About 20 years ago, NPS was started for government employees.
02:42On January 1, 2004, NPS replaced OPS, and after that, government employees who joined the job were placed under NPS.
02:51Instead of OPS, many states decided to remove NPS and take OPS again.
02:57However, after a few years, discontent with the National Pension System was expressed among government employees, and this became a major election issue.
03:06Therefore, many states decided to remove the National Pension System and go back to the Old Pension Scheme, which includes Himachal Pradesh, Rajasthan, Chhattisgarh, Punjab.
03:16In the Unified Pension Scheme, the government has expressed the intention of a minimum pension.
03:20The Central Government of Modi is claiming that about 23 lakh government employees are going to benefit directly from this pension scheme.
03:28In addition, they are also eligible to take advantage of all government employees who were eligible for NPS.
03:34That is, after April 1, 2004, every government employee who starts a job can benefit from the Unified Pension Scheme.
03:42All eligible government employees will not get the benefit of the Unified Pension Scheme on their own.
03:47All eligible government employees will get the option of UPS with NPS.
03:54If a government employee wants to remain in NPS, then he can remain in the current pension system.
04:00But to take advantage of the new Unified Pension Scheme, he will have to choose the option of UPS.
04:05Now, Central Information and Broadcasting Minister Ashwini Vaishnav has told about five main pillars.
04:12First is Assured Pension.
04:14Second is Minimum Pension.
04:15Then is Assured Family Pension.
04:17Which means permanent pension.
04:19Then is Uniform Pension.
04:21And for the whole family, the way to pension can also open in it.
04:24This will be applicable from the next financial year.
04:26But before that, the retired employees will also get the benefits of UPS.
04:30Now, let's understand the five pillars one by one.
04:33The first is Assured Pension.
04:35After retirement, you will get a fixed pension.
04:38This will be 50% of the average basic salary of 12 months before retirement.
04:43This fixed pension will only be given to those employees who have worked for at least 25 years.
04:49The second is Assured Minimum Pension.
04:53In this, if an employee retires after working for at least 10 years,
04:58then he will get Rs. 10,000 as pension.
05:01And this is the minimum that you will get Rs. 10,000.
05:05Next is Assured Family Pension.
05:09Under this scheme, you will also get family pension.
05:11This pension will be given to the family after the death of a government employee.
05:16Next is Inflation Indexation Benefit.
05:19According to the current inflation on these three pension systems,
05:22you will get Dearness Allowance.
05:26In addition to this, you will also get a certain amount of benefit as a gratuity.
05:31The employee will be given the salary and allowance of the last 6 months of his job as a gratuity amount.
05:39A lump sum payment will be made.
05:42This will be one tenth of the last basic salary of the employee.
05:47So these were the benefits of UPS that we have told you in this video.
05:51Apart from this, we also told you how 19% of the government employees are going to benefit.
05:57That's all for this video.
05:59Do tell us in the comments what you think about UPS.
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