'Almost OPS’: Centre's Unified Pension Scheme Offers Big Bonanza For Central Employees
News 18In a major decision marking almost a return to the Old Pension Scheme which had existed till 2003, the Narendra Modi government has launched the Unified Pension Scheme, conceding a major demand of central employees. The union cabinet cleared the Unified Pension Scheme on Saturday, saying, “UPS structure has elements of both OPS and NPS, and removes uncertainties of the market, and gives assurance.” UPS brings back an assured pension equal to 50% of basic pay plus a dearness relief that will be linked to the inflation index. The Political Impact The Congress would see this to be yet another U-turn by the Modi government after the 2024 Lok Sabha election results, as many BJP functionaries had said that a return to the OPS would mean a big fiscal dent. Modi’s Approach, Says Govt The government said Prime Minister Narendra Modi had followed the path of forming a committee, doing extensive consultations, and taking a “well-thought-out decision”.