India’s Finance Minister Nirmala Sitharaman has clarified that the newly launched Unified Pension Scheme (UPS) is a new offering and not a rollback of the existing New Pension Scheme (NPS) and Old Pension Scheme (OPS). She also accused the Opposition Congress party of spreading misinformation about the UPS.
The Indian government has approved the Unified Pension Scheme (UPS) for government employees, offering assured pensions and family benefits. The scheme will come into effect from April 1, 2025, and provides choices for existing NPS subscribers. The UPS aims to improve the financial security and well-being of government employees.
The Indian government’s new Unified Pension Scheme has replaced the National Pension System (NPS). This article explores the key differences between the two schemes, shedding light on what makes the new scheme unique.
