– New Unified Pension Scheme (UPS) for central government employees to be implemented from April 1, 2025
– UPS offers guaranteed pension of 50% of average basic pay for employees with minimum 25 years of service
– UPS includes minimum assured pension of Rs 10,000 per month and inflation protection
– UPS has government contribution of 18.5%, while NPS has 14%
– UPS guarantees family pension of 60% of employee’s pension, unlike NPS which depends on accumulated corpus
– UPS designed for central government employees, while NPS expanded to include private sector employees
– UPS offers guaranteed fixed pension with inflation adjustments, while NPS lacks guaranteed returns
– Current government employees enrolled in NPS have option to transition to UPS, potentially receiving arrears with interest.