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...