Union Cabinet Approves Unified Pension Scheme
The Indian government, led by Prime Minister Narendra Modi, approved the Unified Pension Scheme (UPS) to be launched on April 1, 2025, addressing dissatisfaction with the current National Pension Scheme (NPS). The UPS will guarantee pensions of 50% of the employee's average basic pay from the last year, with a minimum of Rs 10,000 per month for those with at least 10 years of service. The scheme combines features of both the Old Pension Scheme (OPS) and NPS, offering more predictable benefits while requiring contributions. The introduction of UPS is seen as a strategic move ahead of upcoming Assembly elections.
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