Centre Announces Unified Pension Scheme Providing Assured Family and Minimum Pension

New Delhi: The central government on Saturday launched the Unified Pension Scheme. The scheme aims to provide assured pension, family pension and assured minimum pension. This scheme aims to streamline pension provisions and enhance financial security for beneficiaries.  The scheme will be effective from 1 April, 2025.

Unified Pension Scheme Key Features  

• According to the new Unified Pension Scheme, people who will complete 25-year tenure will be eligible to get full pension.
• The Unified Pension Scheme has been brought in place of ‘Old and New’ pension schemes.  
• As per UPS, government employees will be eligible to get 50 per cent of basic pay as pension after completing at least 25 years of service.
• Government employees will get Rs 10,000 as pension after completing 10 years in service.
• 60 per cent of pension money will be given to the employee immediately before his or her demise.
• 50 per cent assured pension is the first pillar of the Unified Pension Scheme.
• The second pillar will be assured family pension. About 23 lakh employees of the central government would benefit from the Unified Pension Scheme (UPS).
• There will be an option for the employees to opt between NPS and UPS.

The Cabinet also sanctioned the continuation of three existing umbrella schemes, now integrated into a unified central sector initiative called ‘Vigyan Dhara,’ overseen by the Department of Science and Technology (DST). 

The proposed outlay for ‘Vigyan Dhara’ is Rs 10,579.84 crore for the 15th Finance Commission period, spanning from 2021-22 to 2025-26.

Additionally, the Cabinet approved the 'BioE3 (Biotechnology for Economy, Environment, and Employment) Policy' from the Department of Biotechnology. This policy focuses on fostering high-performance biomanufacturing through innovation-driven support for research and development and entrepreneurship across various thematic sectors.