The Union Cabinet has approved a proposal to guarantee 50% of the last drawn salary as a pension for central government employees under the Unified Pension Scheme(UPS). This decision follows concerns over pension disparities, prompting Finance Minister Nirmala Sitharaman to form a committee led by Finance Secretary TV Somanathan to explore the initiative. The new scheme aims to provide greater financial security to government employees post-retirement. Union Budget 2024: Finance Minister Nirmala Sitharaman Proposes ‘Vatsalya’ Pension Scheme for Minors in Budget 2024-25.

Unified Pension Scheme

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