Unified Pension Scheme Explained

The Unified Pension Scheme (UPS), introduced by the Government of India in 2024 as an optional pension scheme along with the National Pension System (NPS) for the government employees, it aims to provide a comprehensive and centralised pension system for Central government employees. The scheme is designed to consolidate various existing pension schemes, offering a more equitable and efficient approach to retirement benefits.[1] [2] [3]

Background

There have been long pending demands from the Central Government employees to introduce a more comprehensive pension system. Various opposition parties and leaders have raised the issue several times in their election speeches for the reintroduction of the Old Pension Scheme (OPS).[4] [5] [6]

Notes and References

  1. Web site: Unified Pension Scheme Explained In 6 Simple Points . 2024-08-25 . NDTV.com.
  2. News: Jigeesh . Vikas Dhoot, Jagriti Chandra & A. M. . 2024-08-24 . 'Unified Pension Scheme' unveiled as government backtracks on New Pension Scheme . 2024-08-25 . The Hindu . en-IN . 0971-751X.
  3. Web site: "Will Benefit 23 Lakh Employees": Centre Launches Unified Pension Scheme . 2024-08-25 . NDTV.com.
  4. https://www.hindustantimes.com/business/how-is-the-new-unified-pension-scheme-different-from-nps-101724511007693.html
  5. Web site: 2024-04-06 . Congress gives Old Pension Scheme a miss its poll manifesto. Here's what the party said in response . 2024-08-25 . Business Today . en.
  6. Web site: 2024-08-24 . Centre announces Unified Pension Scheme: How will UPS differ from OPS, NPS? . 2024-08-25 . The Indian Express . en.

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