Unified Pension Scheme:

Centre notifies Unified Pension Scheme for government staff

The finance ministry on Saturday notified the operationalization of the Unified Pension Scheme (UPS) as an option under the National Pension System (NPS) for central government employees, effective from April 1. This new scheme will guarantee retirement benefits for employees. “The Unified Pension Scheme shall apply to Central Government employees who are covered under the National Pension System and who choose this option under the National Pension System,” the finance ministry said in a s...

September 16, 2024 3:58 PM

Centre approves Unified Pension Scheme: 23 lakh govt employees to benefit from enhanced retirement security

The central government on Saturday approved the Unified Pension Scheme (UPS) for its employees, a move anticipated to impact 23 lakh workers by enhancing their financial security and stability post-retirement. Key Features of the Unified Pension Scheme (UPS): Assured Pension for Long-Term Service Employees with a minimum of 25 years of service will be entitled to an assured pension amounting to 50% of their average basic pay over the last 12 months before retirement. Those with less than 25...