The Unified Pension Scheme (UPS), introduced by the

Government of India The Government of India (ISO 15919, ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of States and union t ...

in 2024 as an optional pension scheme along with the

National Pension System The National Pension System (NPS) is a defined-contribution pension system in India regulated by the Pension Fund Regulatory and Development Authority (PFRDA) which is under the jurisdiction of the Ministry of Finance of the Government o ...

(NPS) for the government employees, it aims to provide a comprehensive and centralised pension system for Central government employees. The scheme is designed to consolidate various existing pension schemes, offering a more equitable and efficient approach to retirement benefits.

Background

There have been long pending demands from the

Central Government A central government is the government that is a controlling power over a unitary state. Another distinct but sovereign political entity is a federal government, which may have distinct powers at various levels of government, authorized or deleg ...

employees to introduce a more comprehensive pension system. Various opposition parties and leaders have raised the issue several times in their election speeches for the reintroduction of the

Old Pension Scheme Old Pension Scheme (OPS) in India was abolished as a part of pension reforms by Government of India, Union Government. Repealed from 1 January 2004, it had a Defined benefit pension plan, defined-benefit (DB) pension of half the Last Pay Drawn ...

(OPS).

References

{{reflist Pensions in India Year of establishment missing