New Delhi: Union Home Minister Amit Shah on Saturday hailed the decision on assured pensions to government employees, saying the Modi govt has reiterated its commitment to the financial security of those who form the backbone of the nation's governance.
The Union Cabinet on Saturday approved an assured 50 per cent of salary as pension for 23 lakh government employees who joined service under the National Pension System (NPS).
"Congratulations to our central government employees on the approval of the Unified Pension Scheme by PM Shri @narendramodi Ji in the Union Cabinet today. With the approval of the scheme, the Modi govt has reiterated its commitment to the financial security of our central government employees, who form the backbone of the nation's governance," Shah wrote on 'X'.
The National Pension System is applicable for government employees joining the service after April 1, 2004.
It was based on the premise of contribution rather than defined benefit applicable for employees prior to the NPS.
Announcing the Cabinet decisions, Union Information and Broadcasting Minister Ashwini Vaishnaw said that under the Unified Pension Scheme (UPS), government employees will now be eligible to get 50 per cent of the average basic pay drawn over the last 12 months before the superannuation as pension.
For this full pension or 50 per cent of pay as the pension, he said, the eligibility service length will be 25 years.
Published 24 August 2024, 23:49 IST