Cabinet Minister Ashwini Vaishnaw Explains The Basic Structure On New Pension Scheme UPS.

The Narendra Modi-led government has approved the Unified Pension Scheme, set to take effect in FY2025-26. In response to criticism over the removal of the Old Pension Scheme, the NDA government has introduced this new scheme, which combines the benefits of the Old Pension Scheme with features from the New Pension Scheme. Under this scheme, Central government employees will receive 50% of their last drawn salary from the previous 12 months as their pension. Additionally, employees with over 25 years of service will qualify for post-retirement inflation-linked increments. The scheme guarantees a defined assured pension, ensuring retirees receive a predetermined sum regularly, providing financial stability post-retirement. Cabinet Minister Ashwini Vaishnaw highlights the five pillars of the Unified Pension Scheme: Assured Pension, Assured Family Pension, Assured Minimum Pension, Inflation Indexation, and Gratuity. Watch this video for more details.