Unified Pension Scheme
On 24th August, 2024, the Union Cabinet approved the Unified Pension Scheme (UPS) which promises government employees an assured pension post-retirement, set to be effective from April 1, 2025.
Key Points
- The UPS guarantees retirees a fixed pension, which is a significant shift from the New Pension Scheme (NPS). This addresses one of the major criticisms of the NPS, which lacked an assured pension.
- The scheme includes five key features:
- Guaranteed Pension: Employees will receive 50% of their average basic pay over the last 12 months before retirement, with a minimum service period of 25 years required.
- Minimum Pension Guarantee: A minimum pension ....
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