Mumbai, 26 August 2024

 

Shri Ram Karan Yadav, General Manager, Central Railway interacted with Mumbai Media persons and briefed (through video conference) Media persons from all Divisions of Central Railway on the key features and benefits of the Unified Pension Scheme (UPS) for Central Government Employees on 26.8.2024 at Chhatrapati Shivaji Maharaj Terminus, Mumbai.

The UPS, approved by the Union Cabinet on 24.8.2024, which will be effective from 01.04.2025 and is expected to benefit 23 lakh Central Government Employees.

On Central Railway, there are 96,039 Employees as on date and 70,778 Employees i.e. 73.69% who are New Pension Scheme subscribers are likely to be benefitted.

The current contribution of Central Railway is 45.5 crores per month (as per 14% contribution of Employer) for all the employees who are covered under New Pension Scheme.

Key Features of the UPS are as follows:

1. Assured Pension: 50 % of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. Proportionate for lesser service period up to a minimum of 10 years of service
2. Assured Family Pension: @60% of pension of the employee immediately before her/his demise
3. Assured Minimum Pension: @ 10000 per month on superannuation after minimum 10 years of service
4. Inflation Indexation:
   • On assured pension, on assured family pension and assured minimum pension.
   • Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of serving employees  
5. Benefits:
   • Lump-Sum payment at superannuation in addition to gratuity
   • 1/10th of monthly emolument (pay + DA) as on the date of superannuation for every completed six months of service
   • This payment will not reduce the quantum of assured pension

 

Other Features of UPS:

• Provisions of UPS will apply to past retirees of NPS (who have already superannuated).
• Arrears for past period will be paid with interest @PPF rates
• UPS will be available as an option to the employees. Existing as well as future employees will have an option of joining NPS or UPS. Choice, once exercised, will be final
• Employee contribution will not increase. Government will provide additional contribution for implementing UPS
• Government contribution increased from 14 to 18.5%

Implementation of UPS:

• UPS to be given effect from 1.4.2025
• Support mechanism and necessary legal, regulatory and accounting changes will be readied
• UPS is being implemented by the Central Government
• Benefiting ~23 lakh Central Government employees
• The same architecture has been designed and adopted by State Governments, which will  benefit over 90 lakh State Government employees who are presently on NPS.

  

Shri Dharamveer Meena, Principal Chief Signal & Telecommunications Engineer, Shri Saharsh Bajpai, Principal Chief Personnel Officer, Shri Sanjay Kumar, Principal Financial Advisor, Smt. Amita Shukla, Financial Advisor & Chief Accounts Officer(General), Shri Hafeez Mohammed, Chief Personnel Officer(General), Shri P K Chaturvedi, Secretary to GM, Dr.Swapnil Nila, Chief Public Relations Officer and other Senior Officers of Central Railway were also present.

Smt Indu Dubey, DRM Pune, Shri Manish Agarwal, DRM Nagpur, Shri M K Meena, ADRM, Bhusaval, Shri Anshumali Kumar, ADRM, Solapur along with Sr.Divisional Personnel Officers / Sr. Divisional Finance Managers, Other Senior Branch Officers and media persons from Divisions also joined the Conference through video link.

 

* * *

(Source: Central Railway) | PIB Mumbai | ST/ DR

 

Follow us on social media:@PIBMumbai    /PIBMumbai    /pibmumbai  pibmumbai[at]gmail[dot]com  /PIBMumbai    /pibmumbai

(Release ID: 2048953) Visitor Counter : 3458