Ashwini Vaishnav told the 5 main pillars of UPS!!!
Union Information and Broadcasting minister Ashwini Vaishnav has told about the 5 main pillars of UPS. 'Assured Pension, Minimum Pension, Assured Family Pension' which means a way can open for a fixed pension, minimum pension and pension for the whole family. This will be applicable from the next financial year but the employees retiring before that will also get the benefits of UPS.
Assured Pension: Fixed pension will be available after retirement and it will be 50 percent of the average basic salary of the 12 months just before retirement. This fixed pension will be available only to those employees who have worked for at least 25 years.
Fixed Minimum Pension: If an employee retires after working for at least 10 years, he will get Rs 10,000 as pension.
Fixed Family Pension: Family pension will also be available under this scheme. This pension will be given to the family of an employee after his death.
Inflation Indexation Benefit: On all three pension systems, Dearness Allowance or DA money will be given according to the current inflation.
Benefit of lump sum amount as gratuity
The employee will be given the salary and allowance of the last 6 months of his job as a lump sum amount. It will be paid in lump sum. It will be 1/10th of the last basic salary of the employee.
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