On Saturday, the Indian government approved a new pension scheme that guarantees federal employees 50 percent
Indian government approves the Unified Pension Scheme for federal employees.Under the current National Pension Scheme, employees contribute 10% of the base salary.approved a new pension scheme that guarantees federal employees 50 percent of their base salary as a pension. This new scheme shifts away from the existing system, where payouts are tied to market returns.
Ashwini Vaishnaw, a cabinet minister, announced that the Unified Pension Scheme for India’s more than two million federal government employees will start on April 1, 2025. Under the new scheme, government employees who complete at least 25 years of service will receive a pension equal to 50 percent of their base salary from the last 12 months before retirement.
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