India Launches Unified Pension Scheme with 50% Assured Pension for 23 Lakh Employees

Aug 24, 2024, 04:04 PM

The Indian government has launched the Unified Pension Scheme, a new pension policy aimed at providing financial security to government employees. The scheme, approved by the Union Cabinet, offers an assured 50% of salary as pension to 23 lakh employees who joined under the National Pension System. This move comes amid protests by several non-BJP-ruled states over the existing New Pension Scheme. The Unified Pension Scheme allows employees to choose between staying in the National Pension Scheme or switching to the new scheme, which promises a fixed pension amount. Prime Minister Narendra Modi, Union Minister Ashwini Vaishnaw, and Union Home Minister Amit Shah have emphasized the scheme's alignment with the government's commitment to employee well-being and a secure future. The NDA government has reiterated its commitment to the financial security of government employees.