New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi on Saturday approved three major proposals, Unified Pension Scheme, Bio E3 (Biotechnology for Economy, Environment and Employment) policy for fostering high performance bio-manufacturing, and Department of Science and Technology scheme ‘Vigyan Dhara’.
Briefing the reporters, Union Minister Ashwini Vaishnaw said, “Union Cabinet has approved a Unified Pension Scheme for government employees. It has five pillars, 50 percent assured pension, 60 per cent assured family pension, assured minimum pension of 10000 per month, Inflation indexation, and lump-sum payment at superannuation in addition to gratuity.”
Vaishnaw said, “Around 23 lakh Central government employees will be benefited from the UPS. Similarly, there will be an option for the employees to opt between NPS and UPS.”
Describing about the scheme, Union Minister Vaishnaw said, “ Assured Pension 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years Proportionate for lesser service period up to a minimum of 10 years of service, Assured Family Pension 60 per cent of pension of the employee immediately before her/his demise, Assured Minimum Pension Rs 10000 per month on superannuation after minimum 10 years of service, Inflation Indexation on assured pension, on assured family pension and assured minimum pension dearness relief, and Lump-Sum payment at superannuation in addition to gratuity 1/10th of monthly emolument (pay + DA) as on the date of superannuation for every completed six months of service. This payment will not reduce the quantum of assured pension.”
Talking about the UPS, the Union Minister said, “For this pension scheme, several meetings were held with different organisations, several states, Reserve Bank of India and World Bank, the committee recommended a Unified Pension Scheme. Today, the Union Cabinet has approved this UPS and it will be implemented in the future.”
The Union Cabinet approved the second proposal ‘BioE3 (Biotechnology for Economy, Environment and Employment) Policy for Fostering High Performance Biomanufacturing’ of the Department of Biotechnology.
This policy includes innovation-driven support to R&D and entrepreneurship across thematic sectors. This will accelerate technology development and commercialization by establishing Biomanufacturing & Bio-AI hubs and Biofoundry. Along with prioritizing regenerative bioeconomy models of green growth, this policy will facilitate expansion of India’s skilled workforce and provide a surge in job creation.
“Overall, this Policy will further strengthen Government’s initiatives such as ‘Net Zero’ carbon economy & ‘Lifestyle for Environment’ and will steer India on the path of accelerated ‘Green Growth’ by promoting ‘Circular Bioeconomy’. The BioE3 Policy will foster and advanced future that is more sustainable, innovative, and responsive to global challenges and lays down the Bio-vision for Viksit Bharat," he added.
The third proposal has been approved as a continuation of the three umbrella schemes ‘Vigyan Dhara’ of the Department of Science and Technology (DST). The scheme has three broad components which are Science and Technology (S&T) Institutional and Human Capacity Building, Research and Development, and Innovation, Technology Development and Deployment.
“The proposed outlay for the implementation of the unified scheme ‘Vigyan Dhara’ is Rs 10,579.84 crore during the 15 finance Commission period from 2021-22 to 2025-26,” Vaishnaw said.
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