Union Cabinet meeting. (ANI/File Photo)
New Delhi: The Union Cabinet, led by Prime Minister Narendra Modi, has approved the Unified Pension Scheme (UPS), promising to provide a range of pension benefits to central government employees. This new scheme is set to benefit around 23 lakh employees, offering them assured pensions, family pensions, and a minimum guaranteed pension.
The UPS aims to simplify and enhance the pension system for central employees. Under this scheme, government workers will receive a secure pension throughout their retirement, along with support for their families in case of their untimely death. The scheme is designed to ensure that all employees have access to a reliable pension, providing financial stability for them and their families.
Union Cabinet approves Unified Pension Scheme involving 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;…
— Nistula Hebbar (@nistula) August 24, 2024
In addition to the UPS, the Cabinet has also approved the continuation of the 'Vigyan Dhara' scheme, which consolidates three existing umbrella schemes under the Department of Science and Technology (DST). This unified scheme will receive a substantial allocation of Rs 10,579.84 crore for the period from 2021-22 to 2025-26. 'Vigyan Dhara' is set to bolster scientific research and technological development, supporting various projects and initiatives in the field.
We are proud of the hard work of all government employees who contribute significantly to national progress. The Unified Pension Scheme ensures dignity and financial security for government employees, aligning with our commitment to their well-being and a secure future.…
— Narendra Modi (@narendramodi) August 24, 2024
The Centre has also given the nod to the 'BioE3 Policy for Fostering High Performance Biomanufacturing,' proposed by the Department of Biotechnology. This policy aims to promote innovation in biotechnology by supporting research and development (R&D) and encouraging entrepreneurship. The BioE3 Policy focuses on driving progress in the biotechnology sector, enhancing both the economy and the environment through advanced biomanufacturing techniques.
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