Previous Year Questions

Question :

In August, the Union Cabinet, chaired by Prime Minister Shri Narendra Modi, approved the Unified Pension Scheme (UPS) with several key features, including an assured pension, an assured family pension, inflation indexation, and a lump sum payment at superannuation. Which of the following statement(s) are/is correct?

I. The Unified Pension Scheme provides an assured pension of 50% of the average basic pay drawn over the last 12 months before superannuation for a minimum qualifying service of 25 years.

II. The assured family pension under the scheme is 60% of the employee's pension immediately before their demise.

III. The assured minimum pension under the scheme is Rs. 20,000 per month after a minimum of 20 years of service.

IV. The lump sum payment at superannuation is 1/10th of monthly emoluments (pay and DA) for every completed six months of service.