The central government has announced a new pension scheme. It will be named Unified Pension Scheme (UPS). This decision was taken in the cabinet meeting. Under this scheme, if an employee works for a minimum of 25 years, then he will get 50 percent of his basic pay for the last 12 months of his job as pension before retirement.
If a pensioner dies, his family will get 60 percent of the pension received till the time of the employee’s death. If someone leaves the job after 10 years, then he will get a pension of Rs 10,000.