Prime Minister Narendra Modi Cabinet Approves Unified Pension Scheme (UPS)
The recently approved Unified Pension Scheme (UPS) is poised to transform retirement planning, ensuring financial security and providing retirees with peace and stability in their post-work years.
Source: MyGovIndia Shri.Ashwini Vaishnav
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Unified Pension Scheme by PM Narendra Modi - Features & Benefits
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The Unified Pension Scheme responds to calls for reforms in the New Pension Scheme (NPS), ensuring post-retirement financial security with guaranteed pension amounts.
Over 100 meetings, involving special committees and consultations with the RBI, World Bank, and states, culminated in the creation of the Unified Pension Scheme (UPS), now approved by the Cabinet.
Assured Pension:
Provides 50% of the average basic pay (calculated over the last 12 months) for employees with at least 25 years of service.
Proportionate Benefits:
Employees with a minimum of 10 years of service receive proportionate pension benefits.
Retirement Security:
Offers a robust safety net for retirees.
Provides 50% of the average basic pay (calculated over the last 12 months) for employees with at least 25 years of service.
Proportionate Benefits:
Employees with a minimum of 10 years of service receive proportionate pension benefits.
Retirement Security:
Offers a robust safety net for retirees.