Madhya Pradesh government may soon implement Unified Pension Scheme (UPS) in the state. If UPS is implemented in the state, then 5 lakh government employees of the state will directly benefit from it. The Finance Department is busy studying the proposal of UPS. The government contributes 14 percent in the National Pension Scheme (NPS). If UPS is implemented, then this contribution will be 18.5 percent. The government will have to bear an additional burden of Rs 225 crore due to this.

Official sources said that the Mohan Yadav government in Madhya Pradesh can approve the UPS of the central government in the next cabinet meeting.  After the announcement of UPS by the central government, the officials of the finance department have started brainstorming on the provisions. As soon as CM Mohan Yadav approves, it can be presented in the cabinet and discussed and approved.

Unified Pension Scheme

Under the new Unified Pension Scheme, employees who have worked for 25 years or more will get the benefit of full pension. After retirement, they will be given half i.e. 50% of their basic average salary of the last 12 months as pension every month. However, if an employee works for 10 years, he will be given pension accordingly. 

The central government has increased the contribution amount in UPS pension fund. Earlier, the government used to contribute 14%, but now under UPS, the government's contribution will increase to 18.5%. The family will get the benefit of pension in this scheme. If an employee dies on or before retirement, then the husband or wife will be given pension, but the pension amount will be 60% of the pension received by the employee.