Unified Pension Scheme (UPS) to Provide Assured Pension, But Adds Financial Strain on Exchequer
The newly approved Unified Pension Scheme (UPS), set to be implemented from April 1, 2025, promises to provide an assured pension to 23 lakh eligible central government employees, adding an annual financial burden of Rs 6,250 crore on the exchequer. Under this scheme, the government’s contribution will rise from the current 14% to 18.5%, while …