India Launches Unified Pension Scheme Offering 50% Salary Pension for 23 Lakh Employees

Aug 24, 2024, 03:36 PM

The Indian government, led by Prime Minister Narendra Modi, has launched the Unified Pension Scheme (UPS), aimed at providing financial security and dignity to 23 lakh central government employees. The scheme, approved by the Union Cabinet, offers an assured 50% of salary as pension for those who joined under the National Pension System. This initiative allows employees to choose between the existing National Pension Scheme and the new Unified Pension Scheme, which guarantees a fixed pension amount. The move is seen as a commitment to the well-being of government employees and comes ahead of assembly polls in four states.