How is Unified Pension Scheme different from Old Pension Scheme? | Explained
In a bonanza to 23 lakh central government employees, the Union Cabinet chaired by Prime Minister Narendra Modi on Saturday approved the Unified Pension Scheme, UPS, which assures guaranteed pension.
Employees opting for UPS would be eligible for an assured pension of 50 per cent of the average basic pay drawn over the last 12 months before the superannuation for a minimum qualifying service of 25 years.
There would be no additional burden on employees opting for UPS. The employee's contribution would remain 10 per cent, while the government contribution would go from 14 per cent to 18.5 per cent.
The new scheme will be applicable from April 1, next year.
Video credit: PTI
Thank you for watching our video!
You can subscribe to our channel here: https://bit.ly/3c8Adi6
Visit https://www.thehindu.com/ for the latest updates, analysis, opinions, and more.
You can also download our apps:
Android: https://bit.ly/3nboBEi
iOs: https://apple.co/3EDCwt4
The Hindu is committed to keeping you up-to-date with information on the developments in India and the world. We promise to deliver quality journalism that stays away from vested interest and political propaganda. You can support us by subscribing to our digital offerings here: https://bit.ly/3emywiz
Follow us:
Twitter: / the_hindu
Instagram: / the_hindu
Watch video How is Unified Pension Scheme different from Old Pension Scheme? | Explained online without registration, duration hours minute second in high quality. This video was added by user The Hindu 27 August 2024, don't forget to share it with your friends and acquaintances, it has been viewed on our site 20,25 once and liked it 15 people.