The Union Cabinet, chaired by the Prime Minister has approved the Unified Pension Scheme (UPS). The UPS will offer Assured pension. This is will calculated as 50% of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. This pay is to be proportionate for lesser service period upto a minimum of 10 years of service. Other features of UPS include Assured family pension: @60% of pension of the employee immediately before her/his demise, Assured minimum pension: @10,000 per month on superannuation after minimum 10 years of service, Inflation indexation: on assured pension, on assured family pension and assured minimum pension, Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of service employees and lump sum payment at superannuation in addition to gratuity.
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