The Union Cabinet, led by Prime Minister Narendra Modi, approved the Unified Pension Scheme (UPS) on Saturday, marking a momentous decision that will ensure 23 lakh central government employees will receive a pension equal to 50% of their pay.
The plan will go into force on April 1st, 2025. Employees of the central government will have the option to select between the Unified Pension Scheme (UPS) and the National Pension Scheme (NPS). Additionally, current NPS subscribers of the central government will have the choice to transfer to the UPS. State governments will also be able to choose to implement the Unified Pension Scheme in the meantime.
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