Takes Effect from April - Business Outrank

The government has said that from April 1, the Unified Pension Scheme (UPS) will be launched as an option against the current National Pension System (NPS). This scheme is designed to provide better pension payment to government employees’ retirement, heeding the long-standing demand for a better pension system. The UPS will be a new pension plan that will be available to central government employees who are currently enrolled in the NPS and are eligible to join this new pension plan. The UPS was brought in after the government agreed to revive the Old Pension Scheme (OPS) that guaranteed all retirees got 50 per cent of their last-drawn salary as pension. In the new scheme, the employee will have to contribute 10% of the basic salary and DA and the government will contribute 18.5% as against 14% earlier and there will be an additional 8.5% contribution towards a separate pooled fund, thus increasing the overall pension benefits. All central government employees will be eligible for a full pension if they have served the government for 25 years. Pension will be paid proportionately for the period between 10 and 25 years of service. The family of the deceased employee will be eligible for 60% of the pension amount. NPS retirees who have retired before the UPS effective date will also get arrears with interest. Also, voluntary retirees above the age of 25 years will be entitled to receive pension from the age of their intended retirement.

What's Hot

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Anand Mahindra Took to X to Hail Virat Kohli’s Iconic 51st Century Against Pakistan

Adani Group Pays Rs 58,104 Crore Tax in FY24, Marking Major Growth in Contributions

Virus Susceptibility in Species: Study Reveals Surprising Findings

Effective Yoga Poses to Naturally Manage Blood Sugar Levels

Health Budgets Of States Fall Below 8%, Missing National Health Policy Targets

The Connection Between Diet and Organic Skincare – Foods for Healthy Skin

Priyanka Chopra’s Stunning Desi Look Steals the Spotlight at Her Brother’s Wedding Festivities

Jana Nayagan: Vijay Wields a Whip in Stunning 2nd Look Poster, Thrilling Fans

Assam’s Jatin Goswami Honored with Padma Bhushan for Sattriya Legacy

Vijay Vikram Singh Urgently Appeals for Respect Amidst Intense Backlash from Rajat Dalal Fans: ‘I Am Not Bigg Boss

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Indian government approves Singapore Airlines bid to merge Vistara and Air India

Independence Day and Raksha Bandhan Fuel Airbnb Travel Rush

Virus Susceptibility in Species: Study Reveals Surprising Findings

Hindon: Incredible Air India Express Flights to Start from March 1 with Low Fares

Bachchan’s ₹83 Crore Duplex Sale Sparks Unbelievable Investment Growth

Kartik Aaryan’s Fitness Secret: How He Achieved a Stunning Transformation

Browsing: Takes Effect from April

Unified Pension Scheme (UPS) Takes Effect from April 1: Eligibility and Benefits

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Anand Mahindra Took to X to Hail Virat Kohli’s Iconic 51st Century Against Pakistan

Adani Group Pays Rs 58,104 Crore Tax in FY24, Marking Major Growth in Contributions

Is the Government Favoring Tesla Over Tata & Mahindra?

Our Picks

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Anand Mahindra Took to X to Hail Virat Kohli’s Iconic 51st Century Against Pakistan

Adani Group Pays Rs 58,104 Crore Tax in FY24, Marking Major Growth in Contributions

Most Popular

SIR Ratan Tata’s TCS Faces Rs 53,185 Crore Market Loss Amid Bearish Trends

Harvesting Hope: Rahul Gandhi’s Empathy in Action with Farmers before 2024 Elections

Is Modi Afraid? Congress Leader Accuses PM of Targeting Rahul Gandhi

Subscribe to Updates

What's Hot

Browsing: Takes Effect from April