Good news for central govt employees: DA hike, new pension plan on the cards
The central government is introducing a new pension scheme for its employees, effective from April. Employees can choose between NPS and UPS.
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Government employees' fortunes to improve in April with a 50% increase before the DA hike! The central government has made a significant decision keeping in mind the welfare of its employees. Employees are set to receive a substantial sum in April.
Unified Pension Scheme (UPS) has been introduced as an alternative to the National Pension System (NPS).
This initiative was officially announced on January 24th of this year and is scheduled to be implemented from April this year.
Government employees will have the option to choose between NPS and UPS. Under the previous pension scheme, retired employees received 50% of their salary as pension.
Under UPS, central employees will now receive a fixed pension, which will be half of the average basic salary of the past year.
Government employees will have the option to choose between NPS and UPS. The Ministry of Finance has announced that eligible central government employees under NPS now have the option to switch to the Unified Pension Scheme.
