7,500 rail staff to benefit from UPS

T'puram: Around 7,500 employees in Thiruvananthapuram division of Southern Railway will benefit from the unified pension scheme (UPS) that offers assured pension.Additional divisional manager Viji M R told reporters that the scheme offers assured pension, family pension, minimum pension and a lump sum. There are around 10,000 employees, of which 2,352 are under the old pension scheme and 7,489 under the new scheme, that was started in 2004, and are eligible to opt for UPS.The assured pension is 50% of the average basic pay drawn over the last 12 months prior to superannuation, for a minimum qualifying service of 25 years. This pay will be proportionate for lesser service periods up to a minimum of 10 years. The employees' union and officers have welcomed UPS, which is contributory and offers a better deal than the new pension scheme, said Viji.The division is likely to incur an additional expenditure of around Rs 30 crore. TNNGet the latest lifestyle updates on Times of India, along with Valentine's day wishes, messages and gift idea !