In a big announcement ahead of assembly elections in one state and a Union Territory this year, the government has launched Union Pension Scheme (UPS) amid protests by several non-BJP-ruled states over the New Pension Scheme (NPS). "This scheme will benefit 23 lakh central government employees," announced Union Minister Ashwini Vaishnaw.
The scheme assures 50 percent of basic salary for the last 12 months before retirement as pension for the government employees who complete a minimum of 25 years in service.
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