UPS Pension: Maharashtra has become the first state in India to implement the Unified Pension Scheme (UPS). The central government announced this new scheme on Saturday, August 24, under which employees who joined service after 2004 will get a pension of around 50 per cent of their final salary. This decision was implemented a few months ahead of the assembly elections in Maharashtra.
It was introduced in Maharashtra within 24 hours of the approval of UPS by the Central Government Cabinet. Meanwhile, many central employee organisations have also demanded its implementation in the federated states. There is currently a Shiv Sena-led National Democratic Alliance (NDA) government in Maharashtra. If this scheme is implemented across the country, thousands of employees could avail its benefits.
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This proposal was approved at the Union Cabinet meeting held on Saturday under the chairmanship of Prime Minister Narendra Modi. Union Minister Ashwini Vaishnav said that after 25 years of service in UPS, employees will get a pension of 50 per cent of their average salary of the last year. This scheme will be implemented from April 1, 2025.
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The employee contribution to UPS will remain the same as the existing National Pension Scheme (NPS) of 10 per cent, while the government will increase its contribution from 14 per cent to 18.5 per cent. The scheme also includes provisions such as family pension, guaranteed minimum pension and lump sum payment after retirement.
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Minister Vaishnav said that by implementing UPS, the government will have to spend around Rs 800 crore as arrears in the current financial year, while the total expenditure on UPS will be Rs 6,250 crore. This will benefit over 30 lakh central government employees, and if state governments also adopt UPS, a total of 90 lakh employees will be able to benefit from it.
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