Government employees have welcomed Union Cabinet’s decision to approve Unified Pension Scheme (UPS), providing assured pensions to them. They also thanked Prime Minister Narendra Modi for meeting with them on the issue. Shiv Gopal Mishra, Secretary of the Joint Consultative Machinery (JCM), a joint forum of government employees’ organisations, said they were invited by the Prime Minister for the meeting. He said, this was for the first time that JCM was invited by the Prime Minister.
Union Cabinet approved the Unified Pension Scheme for government employees yesterday. Addressing the media after Cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw said that the first pillar of the scheme ensures 50 percent of the average basic pay drawn over the last twelve months prior to superannuation for a minimum qualifying service of 25 years. The second pillar guarantees that 60 percent of the pension is assured for the family after the employee’s demise. There will be assured minimum pension at least 10 thousand rupees per month on superannuation after minimum 10 years of service. There is Inflation indexation on assured pension, on assured family pension and assured minimum pension. There will be Dearness Relief based on All India Consumer Price Index for Industrial Workers as in case of service employees. There will be lump sum payment at superannuation in addition to gratuity. Mr. Vaishnaw noted that about 23 lakh central government employees would benefit from this scheme. It will be effective from 1st April 2025.
Mr. Vaishnaw said that the Cabinet also approved the Bio E3-Biotechnology for Economy, Environment, and Employment policy to foster high-performance biomanufacturing. Mr Vaishnaw said that the policy will provide innovation-driven support to research and development and entrepreneurship across thematic sectors.
The Cabinet also approved the continuation of three umbrella schemes, which have been merged into a unified central sector scheme named Vigyan Dhara, with an outlay of 10,579 crore rupees. This scheme comprises three broad components- Science and Technology Institutional and Human Capacity Building, Research and Development, and Innovation, Technology Development, and Deployment.
