Unified Pension Scheme: Employees entitled to assured payout on pro rata basis on VRS after 20 yrs service or more

NEW DELHI: Those who have joined the new Unified Pension Scheme and completed 20 years of service will have the opportunity to voluntarily retire from service (VRS). Full pension will be available only after completing 25 years of service under the Unified Pension Scheme. However, those who voluntarily retire after completing 20 years or more of service will get a fixed amount on a pro-rata basis according to the period of service. The amount will be determined by dividing the eligible period of service at the time of retirement by 25. The payout amount will be given from the date of retirement.

Withdrawal of 60 percent of the amount in the account, a benefit of one-tenth of the basic pay and dearness allowance for every six months of service, gratuity, pay in lieu of leave, and CGEGIS benefits will be available upon retirement. If the employee dies after taking VRS but before receiving the assured payout, the legal spouse will receive the amount from the date of death.