The new pension scheme, UPS (Unified Pension Scheme), is expected to benefit employees of the Chakradharpur Rail Division. Out of 23,500 employees, 15,500 are eligible. The scheme will add an extra ₹3.5 crore to the division's monthly expenses. This pension plan is considered better than the previous NPS scheme, offering...
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a guaranteed minimum pension of ₹10,000. It also promises a minimum of 50% of the last 12 months' average salary as pension for those serving for 25 years. The scheme also includes a 60% of pension for the family of the deceased pensioner. The government will contribute 18% to the scheme, while employee contribution remains at 10% as in the previous NPS. It will also include indexation for inflation and a separate lump sum payment on retirement, along with gratuity. The scheme is expected to be rolled out in phases starting July next year.