Central Government announced Integrated Pension Scheme

Central Government announced Integrated Pension Scheme

Daily Current Affairs   /   Central Government announced Integrated Pension Scheme

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Category : National Published on: August 27 2024

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  • On the new and old pension scheme, the Central Government announced the Integrated Pension Scheme (UPS).
  • Under what conditions will central employees get financial benefits under the Integrated Pension Scheme?
  • In this, like the old pension scheme (OPS), government employees will get 50 percent of the average basic salary after retirement.
  • This scheme will come into effect from 1 April 2025.
  • Under the UPS scheme, employees will get 50% of the average basic pay of the 12 months preceding retirement as pension, subject to the requirement of 25 years of service.
  • Under UPS, assured pension, family pension, and minimum pension will get indexation based on Dearness Relief (DR), whereby the pension amount will be adjusted as per the inflation rate.
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