Unified Pension Scheme - Latest News Update, Information, Photos & Videos on Unified Pension Scheme at Lokmat Times

The Maharashtra cabinet has given its approval to the Unified Pension Scheme (UPS), following its passage by the Union cabinet the previous day. The Union Cabinet, under Prime Minister Narendra Modi's leadership, has approved the Unified Pension Scheme (UPS), aimed at providing government employees with a guaranteed pension, family pension, and a minimum assured pension.As per the Maharashtra cabinet's decision, UPS will be effective from March this year and will benefit all state government employees, an official said here.Additionally, the Cabinet has authorized the continuation of three existing umbrella schemes, which will now be merged into a single central sector program named ‘Vigyan Dhara,’ overseen by the Department of Science and Technology (DST). For the implementation of ‘Vigyan Dhara’ during the 15th Finance Commission period (2021-22 to 2025-26), the government has allocated ₹10,579.84 crores.Also Read| Modi Government Green-lights Unified Pension Scheme (UPS); Check Features and Benefits.Under the Unified Pension Scheme (UPS), central government employees will have the choice to either stay with the National Pension Scheme (NPS) or transition to the new UPS. State governments also have the option to adopt this UPS model. The UPS is set to be implemented from April 1, 2025, and will cover all individuals who have retired under the NPS since 2004.

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