00:00Hi, this is Bhavna and you're watching GoodReturns.
00:02Government employees, especially central employees, have good news.
00:07The government has issued a notification for the new pension scheme, UPS, Unified Pension Scheme.
00:13Employees can fill out the form from April 1 and join this new pension scheme.
00:19In the upcoming Bihari Vajpayee government, the old pension scheme,
00:22has been suspended from April 1, 2004 and a new pension scheme, NPS, has been implemented.
00:30There has been a lot of opposition to this.
00:32In this, the government took note of the benefits of the old pension scheme and NPS
00:37and started thinking about a new pension scheme.
00:39On August 24, 2024, the Unified Pension Scheme, UPS, was approved in the presence of the Central Ministerial Committee.
00:47Now, the notification will be issued and it will be implemented from April 1.
00:51The question is, what are the benefits of this new pension scheme?
00:55How much pension is to be given and which employees are eligible for pension?
00:59So, let us tell you in detail about the new pension scheme, Unified Pension Scheme, in this video.
01:06First, let us know about the main points of UPS, Unified Pension Scheme.
01:12During retirement, you will get 50% of the basic salary of the last 12 months as pension.
01:20Second, the employee will have to work for at least 25 years to get the benefits of UPS.
01:27If the job is done between 10 and 25 years, then the pension will be given in the same ratio.
01:33Next, the minimum pension under UPS will be Rs. 10,000 per month.
01:39If the employee has completed at least 10 years of work, then he will get a minimum pension of Rs. 10,000.
01:47The employee will have to contribute 10% of his salary,
01:51whereas the contribution of the government will now be 18.5% more than the previous 14%.
01:57As inflation increases, the DNN's relief, i.e. DR, will also get a hike.
02:02Apart from this, only those government employees will get the benefits of UPS, who will remain in the service.
02:08In the condition of resignation, dismissal or removal, the benefit of the scheme will not be available.
02:14If we talk about other benefits, then upon the death of the employee, the family will get a 60% pension.
02:20Gradually, during retirement, a lump-sum payment will be made.
02:25The final pension amount will depend on the market return,
02:29because the investment in this will be done majorly in government bonds.
02:34After completing 25 years of service, those who take the voluntary retirement scheme, VRS,
02:39will also get the benefit of pension before a certain age.
02:43Apart from this, 23 lakh employees will now have the option to choose between UPS or NPS.
02:50Apart from this, there will be a separate pooled fund,
02:53which will be supported by the government by an extra 1.5% contribution.
02:58That's all for this video. UPS is in effect from April.
03:02What is your opinion on UPS? Do tell us by commenting.
03:06If you are watching on Facebook, then like the Facebook page.
03:10Stay tuned for such news and good returns.
03:13Like the video and don't forget to subscribe to the channel.
Comments