Quick Summary
Unified Pension Scheme (UPS) is an important initiative announced on 24th August 2024 by the Narendra Modi government to provide central government employees with assured pension after the retirement. Applicability The scheme will come into force from 1st April 2025. Reason to introduce
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FAQ :
The Unified Pension Scheme (UPS) will come into effect from 1st April 2025.
The scheme is for central government employees who retired under the New Pension Scheme (NPS) from 2004 onwards. State governments will also have the option to adopt the UPS.
The assured pension will be 50% of the average basic pay drawn over the last 12 months before retirement, for a minimum qualifying service of 25 years. For lesser service periods, it will be proportionate down to a minimum of 10 years.
Yes, there is an assured minimum pension of £10,000 per month for those retiring after a minimum of 10 years of service.
Beneficiaries will receive 60% of the pension amount last drawn by the retiree before their death.
The UPS was introduced in response to significant criticism from government employees regarding the New Pension Scheme (NPS), which did not guarantee a fixed pension.
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