What Is Unified Pension Scheme
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The Union government has introduced the Unified Pension Scheme (UPS) amid opposition over the New Pension Scheme (NPS)
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The government said that UPS will benefit 23 lakh central government employees under the NPS
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The scheme will come into effect from April 1, 2025, and employees can choose between NPS and UPS
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The UPS aims to provide assured pension, family pension, and assured minimum pension to government employees
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Employees who have served for a minimum of 25 years will receive an assured pension amounting to 50% of their average basic pay over the last 12 months prior to retirement
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For those with less than 25 years of service, the pension will be proportionate to their tenure, with a minimum qualifying service period set at 10 years
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If an employee dies, their spouse will receive a family pension amounting to 60 per cent of the pension the employee was receiving
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Employees with a minimum of 10 years of service will be entitled to a minimum pension of Rs 10,000 per month upon retirement
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