What is the difference between UPS & NPS?
NPS was forced on new recruits in many sectors/governments and was brought in to lower the pension bill/debt of the governments to ensure fiscal prudence, like Agniveer army scheme.
Why sudden switch now, despite parliament denial?
Wow nice nice, great news:)
VU+ for the news to spread
Can anyone elaborate this Unified Pension scheme in LAYMAN TERMS
as i am new to this?:) please do help to understand this in layman terms
For Government employees Gratuity is available for NPS Employees on superannuation or death already.
https://pensionersportal.gov.in/Document/Import...
In UPS they have told they won't increase employee contribution which at present 10% and so it will continue. But government's contribution they are increasing present 14% to 18.5%
In NPS Lumpsum 60% of pension savings will be given back to employee will be given to employee on superannuation but in UPS they have not told anything which may mean they will take back everything including employee contribution to give 50% Guaranteed Pension
It is BJP Government. Better not expect something for common man.
UPS will be beneficial for level 1 to level 3 employees and also whose service was less as they wil be getting minimum 10,000 pension.
You mean to say UPS has 10% employee contribution ???
hmm i think its for EXISTING employees who are in NPS
but those who join in NEW UPS (NEW first joining EMPLOYESS) after 1st April 2025 my guess is they wont have 10% contribution (have to wait and see)
applies to Central govt jobs
so Delhi is union territory so my guess is it wont be unless you work in central govt related jobs at Delhi
not sure how rules applies for union territory (I might be wrong, someone please correct me if i am wrong)
Yes can any one explain it plus those who are already on family pension is it beneficial for them too or just current employees
New pension scheme(NPS)
To get pension -
Employee's contribution - 10%
Employer's contribution - 14%
This corpus will be invested in various bonds and stock market
After retirement the 40 % of the corpus money will be invested in market and returns from there will be systematically withdrawn to give pension.
No gratuity
No fixed pension at the retirement as it was subject to market risk(share market)
No dearness allowance for the pensioners
UPS
To get pension -
Minimum service of 10 years.
The government will contribute 18.5%.
No contribution will be taken from the employee.
Fixed pension will be provided depending upon service years.
After completing 25 years in service the pension will be calculated as
50% of the last 12 month average of basic salary+ dearness allowance
Gratuity will be given as you complete 6 years service you will be entitled for 1 month of salary as gratuity and accordingly calculated for your service years
Dearness allowance will be provided