– Union Cabinet approves Unified Pension Scheme (UPS) to be implemented on April 1, 2025
– UPS guarantees government employees a pension post-retirement, addressing calls for changes to National Pension Scheme (NPS)
– Under UPS, employees who joined service after January 1, 2004 will receive guaranteed pension of 50% of last drawn salary
– Approval seen as strategic move ahead of upcoming Assembly elections in Jammu & Kashmir, Haryana, Maharashtra, and Jharkhand
– States reverting to Old Pension Scheme (OPS) amid dissatisfaction with NPS
– Government contribution to UPS increased to 18.5%, while employees contribute 10% of basic pay and DA