Government of India has announced a Unified Pension Scheme(UPS) alongwith the option of either continuing with the New Pension Scheme (NPS) or to switch over to this Unified Pension Scheme (UPS) for those Central Government employees who joined the Central Government Services on or after 01.04.2004 and Superannuated thereafter.
*_The Salient features are as follows:_*
1. A Minimum of 50 % of the average of Last 12 Months Basic Pay will be the Basic Pension provided one has to complete a minimum of 25 years of service or more or on superannuation.
2. If at all someone puts up less than 25 years of service and has put in a minimum of 10 years and got Superannuation of service, he/she will get Rs.10,000 as Monthly Basic Pension.
3. The Family pension will be 60% of that of the Deceased Pensioner's Basic Pension.
4. In any case the Minimum Pension under this UPS unified pension scheme will not be less than Rs.10000.(please note that at present the minimum Pension basic is Rs.9000 for those getting pension under Old Pension Scheme (OPS). Here it is Minimum of Rs.10,000.
5. The Dearness Relief is also applicable on the Basic Pension as announced by the Government from time to time.
6.Those who have joined the Central government service on or after 01.01.2004 and have completed the minimum service of Ten years and retired on Superannuation are eligible to join this Pension scheme.
7. After adjusting the earlier benefits they have received so far, they will be paid *_arrears also from 01.01.2014 (because of a minimum of ten years of Service for Superannuation)._*
8. In addition if at all someone has put up ten years of Service and is superannuated, he/she eligible for Two months of their last gross salary.
9. Suppose someone completes thirty years of Service he/she will get Six months of Last drawn gross salary.
10. The above benefit is in addition to Retirement Gratuity.
11. Those who want to continue they can continue under the existing new pension scheme (NPS) since it's investment or Stock Market related.
12. Those who want to take risks can continue in NPS.
13. *_Only one time Option will be given for switch over._*
14. Those who are seeking Voluntary Retirement Scheme *_(VRS) after completing a minimum of 25 years of Service are also eligible_* to get the 50% of the average of last twelve months basic pay as Pension.
15. *_How ever he/she will get pension only on attaining the age of superannuation._*
