The Narendra Modi-led government has approved a new Unified Pension Scheme, which combines the advantages of the Old Pension Scheme and the features of the New Pension Scheme. It guarantees a fixed assured pension, with Central government employees receiving 50% of their last drawn salary as pension. The scheme includes features such as assured family pension, assured minimum pension, inflation indexation, and gratuity. It aims to provide financial security and support to employees post-retirement. The scheme differs from the Guaranteed Pension Scheme proposed by the Andhra Pradesh government and offers a more personalized and potentially higher pension payout.