About

• In 2024, the government has approved the Unified Pension Scheme (UPS) for Government employees that will be implemented along with the present National Pension Scheme (NPS), and will be effective from FY26. 
  • UPS has features of both old and new pension schemes to offer a wholesome retirement cushion to the employees. 
  • It guarantees 50 per cent of the average basic pay of the past 12 months preceding the date of retirement as the guaranteed pension for the employee, provided the employee has served the government for at least 25 years. 
  • The minimum pension under the scheme is ₹ 10,000 per month for employees who have at least 10 years in the service upon superannuation. 
  • In case of death of the pensioner, 60 per cent of the pension amount will be offered to the family.

Why in News?

• The Pension Fund Regulatory and Development Authority (PFRDA) has issued Regulations for Operationalisation of the Unified Pension Scheme.

https://pib.gov.in/PressReleasePage.aspx?PRID=2113486