Government Approves Unified Pension Scheme Ensuring Financial Security for Central Employees

The Centre approved the Unified Pension Scheme, effective April 1 next year, offering assured and family pensions to central government employees. This decision impacts 23 lakh employees, with an option to choose between NPS and UPS. Extensive consultations shaped the scheme, promising financial security and dignity.

In a landmark move, the Centre on Saturday approved the Unified Pension Scheme (UPS), effective from April 1 next year. The scheme ensures assured pensions, minimum pensions, and family pensions for central government employees, who can opt between the existing National Pension Scheme (NPS) and the new UPS.

Following a union cabinet meeting, Information and Broadcasting Minister Ashwini Vaishnaw announced that 23 lakh central government employees would benefit. Vaishnaw highlighted that the UPS was developed through extensive consultation, clarifying that permission from the Election Commission was unnecessary as the scheme is unrelated to the upcoming Jammu and Kashmir and Haryana assembly elections.

Prime Minister Narendra Modi emphasized the scheme's assurance of dignity and financial security for government employees. He stated that the UPS aligns with the government's commitment to employees' well-being. Defense Minister Rajnath Singh also praised the initiative for providing stability and security for government employees and their families.

(With inputs from agencies.)