The Modi government has made a significant decision regarding the pension scheme by approving the Unified Pension Scheme (UPS) during the Cabinet meeting held on Saturday. This new scheme will replace both the old pension scheme and the new pension scheme. Under the UPS, employees who work for 25 years will be entitled to receive full pension benefits. It is estimated that around 23 lakh central employees will benefit from this new pension scheme.
The implementation of the UPS is scheduled to commence from April 1, 2025, as announced by the Center. Union Information and Broadcasting Minister Ashwini Vaishnav shared details about the cabinet meeting, highlighting that individuals who have served for a minimum of ten years will receive a pension of Rs. 10,000. In the unfortunate event of an employee passing away during service, their wives will receive 60 percent of the pension amount.
This comprehensive pension scheme is specifically designed for individuals who have completed a service period of 25 years. Additionally, the Union Cabinet also approved the Bio E-3 policy and introduced internships for students in classes 11 and 12.
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