look news india
UPS Calculation: After the announcement of the Unified Pension Scheme (UPS), people want to know about it. People also want to know how much pension they will get under UPS if they retire now? Here is a calculation on some basic salary that if their salary is 60, 70 and 80 thousand rupees, then how much pension they will get. Let's understand in simple language, but before that let's know in detail the announcements and terms and conditions under this scheme.
Declaration under Unified Pension Scheme(UPS)
The central government had announced the Unified Pension Scheme on 24 August 2024, which will come into effect from 1 April 2025. This scheme will provide pension benefits on the contribution of government employees. A fixed pension will be available under this scheme. Along with this, family pension will also be given after the death of the employee. Those who have served for 10 years or more but less than 25 years will be given Rs 10 thousand monthly as minimum pension.
How much pension will retired employees get?
This pension will be available only if the employee has worked for 25 years. The pension amount will be 50 percent of the average basic salary of 12 months. Family pension – 60 percent of the employee's pension will be given. If the employee has worked for 10 years or more, then he will be given Rs 10,000 as minimum pension every month.
How much will the government and employees contribute?
Under this pension scheme, the government will contribute 18.4%, while employees will have to contribute 10% of their basic salary + DA. Pension will be given under UPS on the basis of this contribution.
How much pension on basic salary of Rs 60,000?
If your average basic salary of 12 months is Rs 60,000, then after retirement you will get a pension of Rs 30,000 (including DR) under UPS. At the same time, after the death of the employee, Rs 18,000 (including DR) will be given to the family.
- Pension on salary of Rs 60,000 = 50% of Rs 60,000 + DR = Rs 30,000 + DR
- Family pension on pension of Rs 30,000 – 60% of Rs 30,000 + DR = Rs 18,000 + DR
Pension on basic salary of Rs 70,000
If an employee's average basic salary for 12 months is Rs 70,000 and he has worked for at least 25 years, the pension under UPS after retirement will be as follows.
- Pension on salary of Rs 70,000 = 50% of Rs 70,000 + DR = Rs 35,000 + DR
- Family pension on pension of Rs 35,000 – 60% of Rs 35,000 + DR = Rs 21,000 + DR
How much pension will be received on a basic salary of 80 thousand?
If the average basic salary of a government employee for 12 months is Rs 80 thousand and he has worked for at least 25 years, then he will get this much pension under UPS.
- Pension on salary of Rs 80,000 = 50% of Rs 80,000 + DR = Rs 40,000 + DR
- Family pension on Rs 40,000 pension – 60% of Rs 40,000 + DR = Rs 24,000 + DR
