The Unified Pension Scheme (UPS): A New Era in Retirement Planning
The Government of India has recently introduced a groundbreaking new pension scheme called the Unified Pension Scheme (UPS), set to launch in April 2025. This innovative scheme aims to revolutionize the retirement planning landscape by merging the existing National Pension System (NPS) and introducing a more inclusive and comprehensive approach to pension benefits for government employees.
Key Features of the Unified Pension Scheme (UPS)
Assured Pension: The UPS guarantees a pension equal to 50% of the average basic pay over the last 12 months before retirement, provided the employee has at least 25 years of service. For those with less than 25 years of service, the pension is proportionate, with a minimum of 10 years required to qualify.
Family Pension: In the event of the retire...