Assured pension: The scheme guarantees a pension equal to 50% of the last 12 months' basic salary for government employees who have served at least 25 years.
Family Pension: If a pensioner dies, their family will receive 60% of the pension amount the deceased was receiving.
Minimum pension: The scheme guarantees a monthly pension of Rs 10,000 for government employees who retire after at least 10 years of service.
Under the new scheme, the central government's contribution to the pension will increase to 18 percent, up from the current 14 percent, while employees' contribution will remain at 10 percent.
"Some central employees met with the Prime Minister today. They were with the UPS in the meeting," added Vaishnaw.
Last year, Finance Secretary TV Somanathan led a committee to review the government pension scheme and propose updates. The committee was formed after some non-BJP states chose to return to the Old Pension Scheme (OPS), which provides retirees with 50% of their final salary as a monthly pension, adjusted for Dearness Allowance (DA) increases.
The Cabinet has approved the continuation of three existing schemes, which have now been combined into a new central scheme called ‘Vigyan Dhara’ under the Department of Science and Technology (DST). The plan has a proposed budget of Rs 10,579.84 crore for the period from 2021-22 to 2025-26.
