Bhubaneswar, Feb 8 (UNI) The Odisha government has decided to implement the Unified Pension Scheme (UPS) for state government employees.
The state cabinet, chaired by Chief Minister Mohan Charan Majhi, has approved this scheme for employees who are eligible for a pension under the existing National Pension System (NPS).
Addressing the media on Saturday, Chief Minister Mohan Charan Majhi said as you may know, the Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Unified Pension Scheme on August 24, 2024.
Taking into account requests from various service organizations to establish an appropriate pension system—considering factors such as compulsory pension, family pension, and inflation—the Union Government has further improved the existing NPS and introduced the Unified Pension Scheme, which is set to be implemented from April 1, 2025.
Majhi said the state cabinet also decided to implement the unified pension scheme for the state government employees.
The key features of the Unified Pension Scheme (UPS) are:
For a minimum qualifying period of 25 years, employees will receive an assured pension of 50 percent of the average basic pay earned in the 12 months preceding retirement.Pension will be provided on a pro-rata basis for service periods ranging from a minimum of 10 years to 25 years.A family pension amounting to 60 percent of the pension drawn by the employee before death will be provided.A minimum monthly pension of Rs. 10,000 will be available after retirement, provided the employee has completed at least 10 years of service.In addition to the guaranteed pension, guaranteed family pension, and minimum pension, dearness relief will be provided for industrial workers based on the Consumer Price Index for service employees.One-tenth of the monthly salary drawn at the time of retirement will be provided as a lump sum for every completed six months of service. The guaranteed pension amount will not be reduced due to this benefit.Employees under the NPS will have the option to switch to UPS or continue with NPS.Under the UPS, a guaranteed family pension benefit will be available in case of the death of a government employee after retirement, a feature not provided under the NPS.UNI DP KK