Unified Pension Scheme
{{Short description|Pension scheme in India}}
The Unified Pension Scheme (UPS), introduced by the Government of India in 2024 as an optional pension scheme along with the National Pension System (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.{{Cite web |title=Unified Pension Scheme Explained In 6 Simple Points |url=https://www.ndtv.com/india-news/what-is-unified-pension-scheme-that-will-impact-23-lakh-government-workers-6412270 |access-date=2024-08-25 |website=NDTV.com}}{{Cite news |last=Jigeesh |first=Vikas Dhoot , Jagriti Chandra & A. M. |date=2024-08-24 |title='Unified Pension Scheme' unveiled as government backtracks on New Pension Scheme |url=https://www.thehindu.com/news/national/rip-new-pension-scheme-born-january-1-2004-extinguished-august-24-2024/article68563482.ece |access-date=2024-08-25 |work=The Hindu |language=en-IN |issn=0971-751X}}{{Cite web |title="Will Benefit 23 Lakh Employees": Centre Launches Unified Pension Scheme |url=https://www.ndtv.com/india-news/union-cabinet-approves-unified-pension-scheme-says-will-benefit-23-lakh-central-employees-6409535 |access-date=2024-08-25 |website=NDTV.com}}
Background
There have been long pending demands from the Central Government 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 (OPS).https://www.hindustantimes.com/business/how-is-the-new-unified-pension-scheme-different-from-nps-101724511007693.html{{Cite web |date=2024-04-06 |title=Congress gives Old Pension Scheme a miss its poll manifesto. Here's what the party said in response |url=https://www.businesstoday.in/india/story/congress-gives-old-pension-scheme-a-miss-its-poll-manifesto-heres-what-the-party-said-in-response-424569-2024-04-06 |access-date=2024-08-25 |website=Business Today |language=en}}{{Cite web |date=2024-08-24 |title=Centre announces Unified Pension Scheme: How will UPS differ from OPS, NPS? |url=https://indianexpress.com/article/explained/centre-announced-unified-pension-scheme-how-will-ups-differ-from-ops-nps-9531351/ |access-date=2024-08-25 |website=The Indian Express |language=en}}