The Joint Consultative Machinery (JCM), the body representing Central government employees on Sunday lauded the newly launched Unified Pension Scheme (UPS) by the Modi government and also shed light on how it was better than the previous pension schemes including OPS and NPS.
JCM Secretary (staff side) Shiva Gopal Mishra, in a special interaction with IANS, explained how the latest pension scheme bettered its previous counterparts and how the UPS came into effect with the active participation of Prime Minister Narendra Modi.
"Unified Pension Scheme (UPS) is contributory, however, the old one was non-contributory," he said.
The JCM chief, further pointing out the difference between the new and old pension schemes said: "In UPS, 10 per cent of the emolument will be deducted from employees' salary. Similar was the case in previous schemes but that was returned to staff in the form of interest. In the UPS model, the returns will be made via a certain corpus mode. Other than this, most provisions are similar. The new provisions in UPS have been welcomed by the fraternity as this is progressive and it will make their lives easier."
Shiva Gopal Mishra further said that everyone is happy and satisfied with the UPS as it will provide assured pension, family pension, and assured minimum pension to government employees.
"The UPS will not only benefit Railway employees but the whole bunch of 23 lakh central government employees. The employees will continue to contribute 10 per cent of their basic pay and DA," he added.
Shiva Gopal Mishra further praised Prime Minister Narendra Modi for approving the scheme and said, "His intervention in the matter was needed. That greatly helped us in meeting our demands."
The Union Cabinet, chaired by PM Modi approved the UPS for central government employees on Saturday. This scheme will be effective from April 1, 2025.
Under the UPS, Central government employees can select between the Unified Pension Scheme (UPS) and the National Pension Scheme (NPS). State governments will have the option of choosing between all three schemes.
(With inputs from IANS)
