The Centre on Saturday announced a new pension scheme called the Unified Pension Scheme (UPS) in which government employees will get assured pension, family pension and assured minimum pension. The new pension scheme will come into force from April 1, 2025.
The scheme, approved by the Union Cabinet today, guarantees a pension of 50 per cent of the average basic pay drawn over the last 12 months, provided the employee has completed a minimum of 25 years of service. For those with lesser service, the pension will be proportionate.
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