Cabinet Approves Unified Pension Scheme for 23 Lakh Govt Employees, Effective April 2025

Aug 24, 2024, 02:32 PM

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the Unified Pension Scheme (UPS) for government employees, which aims to provide an assured pension, family pension, and assured minimum pension. Under the UPS, government employees will receive an assured pension amounting to 50% of the average basic pay drawn over the last 12 months prior to superannuation, provided they have completed a minimum qualifying service of 25 years. The scheme, which is set to benefit 23 lakh Central government employees, will be implemented from April 1, 2025. Union Minister Ashwini Vaishnaw announced the decision, highlighting its significance for employee welfare. Additionally, the Cabinet has approved the BioE3 Policy (Biotechnology for Economy, Environment, and Employment) to foster high-performance biomanufacturing, with a focus on innovation-driven support for R&D and entrepreneurship across various thematic sectors.