What’s in the news?

• The Union Cabinet has approved the Unified Pension Scheme (UPS) with the following features:

1. Assured pension: 50% of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. This pay is to be proportionate for lesser service period upto a minimum of 10 years of service.
2. Assured family pension: @60% of pension of the employee immediately before her/his demise.
3. Assured minimum pension: @10,000 per month on superannuation after minimum 10 years of service.
4. Inflation indexation: on assured pension, on assured family pension and assured minimum pension
   1. Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of service employees.
5. Lump sum payment at superannuation in addition to gratuity.

https://pib.gov.in/PressReleasePage.aspx?PRID=2048607