Unified Pension Scheme (UPS), launched in ______ by the Ministry of Finance, offers an alternative to the New Pension System for central government employees.
August 2024
The question asks when the Unified Pension Scheme (UPS) was launched by the Ministry of Finance.
The correct answer is August 2024. The Union Cabinet approved the Unified Pension Scheme in August 2024 as an alternative to the National (New) Pension System for central government employees.
The UPS guarantees an assured pension of 50% of the average basic pay of the last 12 months for employees with at least 25 years of service, addressing demands for assured pensions.
It also provides an assured family pension and a minimum guaranteed pension, blending features of the old pension scheme with a contributory model.
The scheme is slated to come into effect from 1 April 2025, giving eligible employees a choice between UPS and NPS.
The other options — October 2024, December 2024 and February 2024 — do not match the Cabinet's approval date and are therefore incorrect.
Hence, the Unified Pension Scheme was launched in August 2024.
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