The Railway Ministry has directed all 17 zones to urgently inform workers about their choices beneath the brand new Unified Pension Scheme. In a round dated May 21, the ministry careworn the necessity for clear and proactive communication and known as for facilitation camps to help employees with queries.
The Railway Ministry has directed all 17 zonal railways to promptly and successfully inform their employees concerning the choices out there beneath the Unified Pension Scheme (UPS). In a written communication to the Principal Chief Personnel Officers, the ministry emphasised the necessity for speedy and proactive measures to disseminate clear, correct, and complete data relating to the UPS. “It is essential that employees are well-informed and supported in making their decisions,” the letter famous.
To facilitate this, the ministry has instructed zones to organise facilitation camps throughout varied areas. These camps are to be staffed with personnel from human sources, finance, and subject material specialists to information workers, tackle their issues, and help with the registration course of. The ministry additionally mandated that zones keep detailed information of those camps, together with dates, areas, variety of attendees, and the variety of workers who accomplished their registration.
The Unified Pension Scheme, launched by the Union authorities, provides a assured pension and is offered to new recruits and present workers who want to decide out of the National Pension System (NPS).
Key options of the Unified Pension Scheme (UPS):
- Assured Pension: Employees with at the very least 25 years of qualifying service will obtain 50% of the common fundamental pay (of the final 12 months) as a month-to-month pension.
- Minimum Guaranteed Pension: Rs 10,000 monthly for these with at the very least 10 years of service.
- Lump Sum Retirement Benefit: A lump sum equal to 10% of fundamental pay plus Dearness Allowance for each accomplished six months of service is payable on retirement.
- Irrevocable Option: Once an worker opts for UPS, the choice is ultimate and can’t be modified.
Eligible workers should train their possibility inside three months from April 1, 2025, or inside any prolonged timelines the Central Government permits.
(With PTI inputs)
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