– The Union Cabinet approved the Unified Pension Scheme (UPS) for government employees, effective from April 1, 2025.
– The UPS promises a fixed pension with assured amounts based on service period and family benefits.
– The NPS replaced the OPS in 2004 due to unfunded pension liabilities.
– The UPS aims to address the criticisms of the NPS and provide a fiscally prudent pension scheme.
– Employees can opt for the UPS over the NPS, with arrears adjusted accordingly.