Cabinet approves Unified Pension Scheme (UPS) for govt employees; makes NPS attractive
New Delhi, Aug 24: Union Cabinet on Saturday approved an assured 50 per cent of salary as pension for 23 lakh government employees who joined service under the National Pension System (NPS). The National Pension System is applicable for government employees joining the service after April 1, 2004. It was based on the premise of contribution rather than defined benefit applicable for employees prior to the NPS. Announcing Cabinet decisions, Information and Broadcasting Minister Ashwini Vaishnaw said the Unified Pension Scheme (UPS) announced that government employees will now be eligible to get 50 per cent of the average basic pay