– The Narendra Modi-led government has approved a new Unified Pension Scheme, which will come into effect in the next fiscal year.
– The scheme guarantees a fixed assured pension amount for retirees, providing financial stability and security post-retirement.
– Central government employees will receive 50% of their last drawn salary as their pension, with additional benefits for those serving over 25 years.
– The Unified Pension Scheme includes pillars such as Assured Pension, Assured Family Pension, Assured Minimum Pension, Inflation Indexation, and Gratuity.
– The scheme combines features from the Old Pension Scheme and the New Pension Scheme, offering a mix of financial security and personalized contributions for higher pension payouts.