New unified pension scheme approved for Indian gov’t employees

NEW DELHI, Aug. 24 (Xinhua) — The Indian government on Saturday approved the Unified Pension Scheme for federal government employees.
Federal Minister of Information and Broadcasting Ashwini Vaishnaw said that employees could opt between the plan and the National Pension Scheme, which is already in force.
A statement issued by the federal government on Saturday said that an assured pension of 50 percent of the average basic pay drawn by an employee over the last 12 months before his/her superannuation for a minimum qualifying service of 25 years, would be given to him/her for life post-retirement.
“This pay is to be proportionate for lesser service period up to a minimum of 10 years of service,” the statement said, adding that an assured minimum pension at the rate of 10,000 Indian Rupees per month would be given on superannuation after a minimum of 10 years of service.
Besides, an assured family pension at the rate of 60 percent of pension of the employee would be given immediately at the time of his/her demise. ■