The Congress on Sunday took a swipe at the government's announcement of the Unified Pension Scheme (UPS), saying the "U" stands for the Modi government's "U-turns".
The government's scheme, approved by the Union Cabinet on Saturday, guarantees an assured pension of 50 per cent of salary for those who joined the service after January 1, 2004, under the National Pension System (NPS).
Taking a dig at the government, Congress president Mallikarjun Kharge said, "The 'U' in UPS stands for Modi Govt's U turns! Post June 4, the power of the people has prevailed over the arrogance of power of the Prime Minister."
"Rollback in the budget regarding Long Term Capital Gain/Indexation. Sending Waqf Bill to JPC. Rollback of Broadcast Bill. Rollback of Lateral Entry," Kharge said.
"We will keep ensuring accountability and protect 140 crore Indians from this despotic government!" the Congress chief said in his post on X.
Key Features of the Unified Pension Scheme (UPS)
Guaranteed Retirement Pension: Retirees will receive a fixed pension amounting to 50 per cent of their average basic pay over the last year before retirement, if they have served at least 25 years. For shorter service periods, the pension will be adjusted proportionally, with a minimum service requirement of 10 years.
Family Support Pension: If an employee passes away, their family will receive a pension equal to 60 per cent of the employee’s basic pay. This benefit will start immediately.
Minimum Guaranteed Pension: Employees retiring after at least 10 years of service will get a guaranteed minimum pension of Rs 10,000 per month.
Inflation Protection: The UPS includes a provision to adjust pensions for inflation, covering the assured pension, family pension, and minimum pension to maintain their value over time.
Additional Gratuity: In addition to the pension, retirees will receive a lump-sum gratuity payment. This will be 1/10th of their monthly pay plus dearness allowance for every six months of service, not affecting the amount of the assured pension.
