In a major benefit for 23 lakh central government employees, the Modi government has introduced a new Unified Pension Scheme (UPS), that assures a pension of 50% of the basic salary for those who joined the service after January 1, 2004, under the National Pension System (NPS). This new scheme will take effect from April 1, 2025. NPS subscribers now have the option to switch to UPS, which provides this assured pension starting from the next financial year.
