Union Cabinet approved Unified Pension Scheme for assured family pension and minimum pension benefit

Unified Pension Scheme: The Union Cabinet on Saturday approved a far-reaching measure towards ensuring financial security to pensioners and their families, chaired by Prime Minister Narendra Modi, announced a new scheme that provided for an assured pension, family pension, and a minimum pension for all beneficiaries under the new comprehensive pension plan.

The Unified Pension Scheme is there to rationalise and improve the pension system and render it uniform and reliable so that financial support can be accorded to retired persons and their families. It provides for family pension whereby, upon the death of the pensioner, their dependent will continue getting financial support in running the livelihood.

This scheme also has an assurance of a minimum pension payout, fearing the adequacy of the pension. This would guarantee that all pensioners attain a minimum threshold of income, regardless of previous earnings or contributions.

(This is a developing story)