Finance Ministry notifies Unified Pension Scheme

The Finance Ministry has notified the Unified Pension Scheme (UPS), which guarantees a pension amounting to 50 percent of the average basic pay received during the last 12 months preceding superannuation subject to a minimum qualifying service of 25 years unlike the NPS which is tied to market returns. This scheme will apply to Central Government employees covered in the National Pension System (NPS) who select this option. The UPS will not be available if an employee is removed, dismissed from service, or resigns.