Bhubaneswar, February 8: The Odisha Cabinet on Friday approved as many as 11 key development proposals.
The Cabinet meeting headed by Chief Minister Mohan Charan Majhi approved implementation of the Unified Pension Scheme (UPS) for the government employees in the state.
CM Majhi informed reporters that the Odisha government is implementing the Unified Pension System(UPS) for the state governement employees. Members currently under the National Pension Scheme (NPS) will be given the choice to opt the UPS.
According to the state cabinet's decision, a guaranteed monthly pension of at least Rs 10,000 will be provided after a minimum service period of 10 years. Employees, who have served for 25 years, will receive 50% of their average basic pay over the last 12 months as a pension.
The new system includes a family pension that offers 60% of the employee's pension to the family in the unfortunate event of the employee’s sad demise.
A base pension will be annually adjusted based on the All India Consumer Price Index(AICPI) to maintain its value against inflation.
Additionally, upon retirement, employees will receive a cumulative payment equating to one-tenth of their monthly salary for every six months of service, on top of the gratuity already awarded. This sum is intended to leave pension amounts unaffected.
Employees partaking in the current NPS can either switch to the new UPS or remain in their existing scheme, with assurances of family pension benefits posthumously under the UPS.
