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Unified Pension Scheme
Outlook Money
|September 2024
The Union Cabinet approved the Unified Pension Scheme (UPS) on August 24, 2024, guaranteeing 50 per cent of the salary as assured pension for central government employees.
Over 2.3 million central government employees are expected to benefit from it, and states have also been given the option to implement UPS. Maharashtra has become the first state to implement this. It will be effective from April 1, 2025. Currently, the government provides the National Pension System (NPS) to central government employees, where employees contribute 10 per cent of their salary, and the government 14 per cent.
WHAT IS UPS? ■ This scheme is similar to the Old Pension Scheme (OPS) in terms of benefit, as it guarantees a fixed pension at the time of retirement.
This story is from the September 2024 edition of Outlook Money.
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