Why did the Centre alter its pension plan?
6 months, 3 weeks ago

Why did the Centre alter its pension plan?

The Hindu  

The story so far: Last weekend, the Union Cabinet signed off on a major shift in the approach for providing old age income security to Central government employees, setting the stage for a new Unified Pension Scheme to be launched on April 1, 2025. There are five major components of the UPS benefits, starting with the assurance that government employees will receive half of their average basic pay drawn over their final 12 months in service prior to retirement, as a monthly pension for life. To provide a hedge against inflation, these pension incomes will be raised in line with the consumer price trends for industrial workers — akin to the dearness relief allowance offered to serving government employees. Editorial | Middle path: On the Unified Pension Scheme The OPS also offered employees an assured pension at 50% of last drawn salary, with dearness allowance hikes added along the way, an assured family pension of 60% of the last drawn pension, and a minimum pension of ₹9,000 plus dearness allowances. While employees’ contributions will be limited to 10% of salary as is the case with NPS, the government will contribute a higher 18.5% of salary to the pooled pension accounts.

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History of this topic

Unified Pension Scheme (UPS) notified for govt employees: Eligibility, what’s new
4 days, 5 hours ago

Unified Pension Scheme (UPS) notified for govt employees: Eligibility, what’s new

Hindustan Times  

The Pension Fund Regulatory Authority of India has notified that the Unified Pension Scheme for central government employees will become operational from April 1, 2025. The UPS promises to give government employees an assured pension of 50% of their average basic pay drawn over the past 12 months, prior to superannuation. This means that central government employees in service as …

Unified Pension Scheme: Who can join and how much to contribute
1 week ago

Unified Pension Scheme: Who can join and how much to contribute

India Today  

The Pension Fund Regulatory and Development Authority has announced new rules for the Unified Pension Scheme, which will be effective from April 1, 2025. The said rules, called “Pension Fund Regulatory and Development Authority Regulations, 2025” have been notified on March 19, 2025. This scheme will be available as an option for central government employees who are currently under the …

UPS: PFRDA notifies assured pension scheme for government employees
1 week ago

UPS: PFRDA notifies assured pension scheme for government employees

The Hindu  

The Pension Fund Regulatory and Development Authority on Thursday notified the operationalisation of the Unified Pension Scheme which promises an assured pension of 50% of the average basic pay drawn over the last 12 months prior to superannuation. This follows the UPS notification dated January 24, by the government for Central government employees covered under the National Pension System. These …

Additional pension based on rationale that older pensioners require better deal: Centre
1 week, 2 days ago

Additional pension based on rationale that older pensioners require better deal: Centre

Hindustan Times  

New Delhi, The Centre on Wednesday said additional pension is given to older pensioners as they require a better deal because their needs, especially those relating to health, increase with age. Additional pension based on rationale that older pensioners require better deal: Centre The additional pension is automatically paid to the pensioner/family pensioner by the pension disbursing authorities/banks as soon …

NPS pension processing now similar to OPS rules. Check latest guidelines
1 week, 4 days ago

NPS pension processing now similar to OPS rules. Check latest guidelines

India Today  

The Central Pension Accounting Office has released new guidelines to ensure that retirees under the National Pension System get their pensions on time. In a memo dated March 12, 2025, the CPAO reminded officials to follow the same process as the Old Pension Scheme, as per earlier instructions issued on 18 December 2023. To be more specific, it has been …

Higher EPS pension: Why do employees feel shortchanged?
1 month ago

Higher EPS pension: Why do employees feel shortchanged?

Live Mint  

NEW DELHI : Opting for a higher pension under the Employees' Pension Scheme seems to have become a procedural nightmare for employees. However, the EPFO calculates the pension amount on a pro-rata basis, splitting the service period into two parts: i) from the date of implementation of the EPS, that is, from 16 November 1995 to 31 August 2014; ii) …

India to get Universal Pension Scheme: What is it and who will benefit?
Trending News
1 month ago

India to get Universal Pension Scheme: What is it and who will benefit?

Firstpost  

The government is working on a Universal Pension Scheme that will allow people to contribute voluntarily and receive pension benefits after retirement. The government is now developing a Universal Pension Scheme, which will allow individuals to make voluntary contributions and receive pension benefits upon retirement. The government is developing a universal pension scheme that will be accessible to all citizens, …

New universal pension scheme in the works—What it means for Indians
1 month ago

New universal pension scheme in the works—What it means for Indians

Live Mint  

The government is working on a universal pension scheme that will be offered to all citizens, including those in the unorganised sector, reported NDTV on Wednesday, citing Labour Ministry sources. A key difference between the new universal pension proposal and existing schemes, such as those under the Employees' Provident Fund Organisation, is that individuals will contribute voluntarily, and the government …

Govt working on ‘universal pension scheme’ for all Indian citizens: Report
1 month ago

Govt working on ‘universal pension scheme’ for all Indian citizens: Report

Hindustan Times  

The Centre is working on a ‘universal pension scheme’ that all Indian citizens will be able to avail. The Labour Ministry is reportedly working on a 'universal pension scheme' for all Indian citizens. It is being called ‘New Pension Scheme’ for now and may subsume the existing scheme being run with the same name, sources stressed. Apart from this, the …

Government plans Universal Pension Scheme: Who will benefit?
1 month ago

Government plans Universal Pension Scheme: Who will benefit?

India Today  

The government is planning a Universal Pension Scheme that would allow people to contribute voluntarily and receive pension benefits after retirement, according to a report by The Economic Times. The Universal Pension Scheme is expected to benefit a wide range of people, including unorganised sector workers, traders, self-employed individuals, and other citizens aged 18 and above who want to secure …

Necessary steps will be taken to implement Old Pension Scheme: Karnataka DyCM DK Shivakumar
1 month, 1 week ago

Necessary steps will be taken to implement Old Pension Scheme: Karnataka DyCM DK Shivakumar

Hindustan Times  

Karnataka Deputy Chief Minister DK Shivakumar on Thursday said the state government would take necessary steps to implement the Old Pension Scheme after studying the report of a committee looking into it. Under the old pension scheme, a government employee is entitled to a monthly pension after retirement. Speaking at the conference of office bearers of State Government Employees Association, …

Unified Pension Scheme to roll out from April 1. Check eligibility and benefits
1 month, 1 week ago

Unified Pension Scheme to roll out from April 1. Check eligibility and benefits

India Today  

The government has announced the Unified Pension Scheme, which will come into effect on April 1, 2025. The said scheme has been launched as an alternative to the National Pension System and aims to provide better pension benefits to government employees. The Unified Pension Scheme is available to those central government employees who are already enroled in the NPS and …

Unified Pension Scheme (UPS) takes effect from April 1: Know eligibility, benefits
1 month, 1 week ago

Unified Pension Scheme (UPS) takes effect from April 1: Know eligibility, benefits

Hindustan Times  

The Unified Pension Scheme, introduced by the central government as an alternative to the National Pension System, will come into effect on April 1, the government announced earlier this year. Under the UPS, government employees will contribute 10% of their basic salary, along with the dearness allowance, while the government's contribution will increase to 18.5% from 14% earlier. UPS benefits …

Unified Pension Scheme to be implemented from April 1: Who will benefit and how much?
1 month, 1 week ago

Unified Pension Scheme to be implemented from April 1: Who will benefit and how much?

India TV News  

The Central Government has introduced the Unified Pension Scheme as an alternative to the National Pension System. The demand for the Old Pension Scheme had been growing, as OPS provided retired employees 50 per cent of their last drawn salary as pension. To address this, the government introduced UPS, ensuring a fixed pension amount for central government employees. Under UPS, …

Odisha to roll out unified pension scheme soon, says CM Mohan Charan
1 month, 2 weeks ago

Odisha to roll out unified pension scheme soon, says CM Mohan Charan

New Indian Express  

BHUBANESWAR: The state government has decided to implement the Unified Pension Scheme for its employees, who are considered eligible for pension under the National Pension System. The decision was taken at the state cabinet chaired by Chief Minister Mohan Charan Majhi on Friday night. Briefing mediapersons, Chief Minister Mohan Charan Majhi on Saturday said the state cabinet has approved the …

Mohan Majhi government announces unified pension scheme for employees in Odisha
1 month, 2 weeks ago

Mohan Majhi government announces unified pension scheme for employees in Odisha

The Hindu  

The Mohan Majhi government has announced to implement Unified Pension Scheme for government employees in Odisha, aligning it with the Central Government’s policy. The Cabinet chaired by Mr. Majhi on Friday, gave approval to implementation of UPS for those employees who are considered eligible for pension under the National Pension Scheme system. to appoint committee to study Unified Pension Scheme, …

Unified Pension Scheme: Check eligibility, benefits and other details here
2 months ago

Unified Pension Scheme: Check eligibility, benefits and other details here

India Today  

The central government has announced the Unified Pension Scheme, offering it as an option under the National Pension System. As per the official notification of the government released on January 24, “The Unified Pension Scheme shall be applicable to such central government employees who are covered under the National Pension System and who choose this option under the National Pension …

Centre notifies Unified Pension Scheme for government employees; check effective date, eligibility and other details
2 months ago

Centre notifies Unified Pension Scheme for government employees; check effective date, eligibility and other details

Live Mint  

The central government announced that the Unified Pension Scheme will be available as an option under the National Pension System for government employees. “The Unified Pension Scheme shall be applicable to such central government employees who are covered under the National Pension System and who choose this option under the National Pension System,” an official notification from the government said …

Centre finally notifies Unified Pension scheme option for government staff covered by NPS
2 months ago

Centre finally notifies Unified Pension scheme option for government staff covered by NPS

The Hindu  

Five months after the Centre announced a new Unified Pension Scheme with assured benefits for government employees, the Finance Ministry late on Friday notified the scheme as an option for workers covered by the National Pension System to be effective from April 1, 2025. The NPS, originally known as the New Pension Scheme, did not offer an assured pension to …

Association urges T.N. govt. to fulfil promise on old pension scheme
2 months, 1 week ago

Association urges T.N. govt. to fulfil promise on old pension scheme

The Hindu  

The Tamil Nadu Government All Department Pensioners’ Association has called upon the State government to fulfil the Chief Minister’s election promise to restore the old pension scheme for government employees and teachers. In a statement, the association criticised Finance Minister Thangam Thenarasu’s recent announcement in the Assembly on forming a committee to study the Union government’s proposed Unified Pension Scheme, …

Minimum EPS pension hike to ₹7,500 may be considered in Union budget 2025: Report
2 months, 2 weeks ago

Minimum EPS pension hike to ₹7,500 may be considered in Union budget 2025: Report

Hindustan Times  

The government could reportedly be considering acting on the appeal by private sector employees covered under the Employees' Provident Fund Organisation for an increase in the minimum pension, which at the moment is fixed at ₹1,000 per month. Under the Provident Funds and Miscellaneous Provisions Act, an employer and worker both are required to contribute 12% of a person’s basic …

Budget 2025: Government may raise minimum EPS pension to Rs 7,500
2 months, 2 weeks ago

Budget 2025: Government may raise minimum EPS pension to Rs 7,500

India Today  

In a move that could significantly impact private sector employees, the government is reportedly contemplating a hike in the minimum monthly pension under the Employees’ Pension Scheme to Rs 7,500. A delegation representing pensioners met Finance Minister Nirmala Sitharaman on January 10, 2025, during a pre-budget consultation, urging an increase alongside additional benefits like a dearness allowance hike and free …

Pensioners’ delegation calls upon Finance Minister; demands ₹7,500 minimum monthly pension under EPS-95
2 months, 2 weeks ago

Pensioners’ delegation calls upon Finance Minister; demands ₹7,500 minimum monthly pension under EPS-95

The Hindu  

A delegation of EPS-95 pensioners met Finance Minister Nirmala Sitharaman on Friday to press for their long-pending demand for a minimum monthly pension of ₹7,500 along with dearness allowance. Under the EPS-95 or Employees Pension Scheme 1995 run by retirement fund body Employees’ Provident Fund Organisation, the existing minimum monthly pension is ₹1,000. Comment: An opportunity to rethink India’s pension …

The National Pension System was tweaked for flexibility but awaits tax clarity
2 months, 3 weeks ago

The National Pension System was tweaked for flexibility but awaits tax clarity

Live Mint  

The latest tweaks to India’s National Pension System improve an already excellent retirement saving scheme. The NPS has one of the world’s lowest charges for fund management—about 0.06% of the assets managed, a sharp contrast with the 2% that mutual funds typically charge. Populist pressure made the government extend to NPS the same tax treatment that had been bestowed on …

Will EPF pension be raised soon? Here are parliamentary panel’s recommendations
3 months, 1 week ago

Will EPF pension be raised soon? Here are parliamentary panel’s recommendations

Live Mint  

The Parliamentary Standing Committee on Labour recently recommended that the government raise the minimum pension, which currently stands at ₹1,000, given by the Employee Provident Fund Organisation under its Employee Pension Scheme. In its report tabled in Parliament on December 16, the panel noted that over a decade has passed since the minimum pension of ₹1,000 per month was implemented. …

EPFO high pension: Why have 1.7 million applied for higher EPS contribution?
3 months, 1 week ago

EPFO high pension: Why have 1.7 million applied for higher EPS contribution?

India Today  

Over 1.7 million Employees' Provident Fund Organisation members have opted for higher pensions under the Employees’ Pension Scheme, following the Supreme Court’s landmark ruling in November 2022. This ruling has brought significant relief for eligible employees, allowing them to contribute to the scheme based on their actual basic salaries instead of the fixed threshold of Rs 15,000 per month. Under …

Delhi's new pension scheme: Eligibility, benefits, and how much seniors can get
4 months ago

Delhi's new pension scheme: Eligibility, benefits, and how much seniors can get

India Today  

The Delhi government has announced a pension scheme for the elderly, offering monthly financial aid to residents aged 60 and above. AAP supremo Arvind Kejriwal announced on Monday that an additional 80,000 people are now eligible for the old-age pension in Delhi, bringing the total number of beneficiaries to 5.3 lakh. The applicant must have a 'singly-operated' account in any …

8th Pay Commission and Unified Pension Scheme 2025: What do you need to know? Details
4 months, 1 week ago

8th Pay Commission and Unified Pension Scheme 2025: What do you need to know? Details

India TV News  

The Unified Pension Scheme, a guaranteed lifetime pension scheme for central government employees, will commence on April 1, 2025. Predicted changes by the fitment factor 7th Pay Council Fitment Factor: 2.57 Predicted 8th Pay Commission fitment factor: Reports suggest a factor of 1.92, but experts advocate for 2.86. If a factor of 2.86 is adopted: Minimum salary: Rs 51,480 Minimum …

Labour Ministry to launch centralised EPFO pension payments nationwide by 2025
Trending News
4 months, 2 weeks ago

Labour Ministry to launch centralised EPFO pension payments nationwide by 2025

India Today  

Starting in 2025, the Labour Ministry will transition to a centralised pension payment system, allowing retirees to receive their monthly pensions from any bank branch, anywhere in the country. Labour Minister Mansukh Mandaviya says the new platform, designed for subscribers of the Employees’ Provident Fund Organisation —the state-run retirement fund—aims to streamline the process by reducing paperwork and enabling faster …

Resurrecting the New Pension Scheme (NPS)
6 months, 1 week ago

Resurrecting the New Pension Scheme (NPS)

Times of India  

There is nothing called a perfect public policy scheme – best epitomised into NPS’ failure to stand up to popular expectations. Government employees reluctantly joining the NPS as reluctant subscribers jokingly called it as ‘No Pension Scheme’. Yet, until the unified pension scheme came recently, there was no alternative for the large NPS subscribers, perceiving themselves as poor cousins to …

EPS pensioners’ body urges Centre to follow NPS for calculating pension wealth
6 months, 1 week ago

EPS pensioners’ body urges Centre to follow NPS for calculating pension wealth

The Hindu  

A Bengaluru-based body of pensioners under the Employees’ Pension Scheme -1995 of the Employees’ Provident Fund Organisation has renewed its call for calculating the value of pension wealth under the Scheme on the lines of the National Pension System and fixing 8% rate of interest to the Pension Scheme. In a response to an item appeared in FAQ columns on …

Reforms to strengthen Unified Pension Scheme
6 months, 3 weeks ago

Reforms to strengthen Unified Pension Scheme

New Indian Express  

On August 24, the Union cabinet approved the Unified Pension Scheme, a significant step towards providing government employees a secure and assured pension after retirement. Over the last few years, the opposition has highlighted the dissatisfaction of government employees with the National Pension Scheme, commonly known as the New Pension Scheme. First, assured pension of 50 percent of the employee's …

Centralised Pension Withdrawals Nationwide From Jan: Mandaviya
6 months, 3 weeks ago

Centralised Pension Withdrawals Nationwide From Jan: Mandaviya

Deccan Chronicle  

New Delhi: Pensioners under Employees' Pension Scheme 1995 run by retirement fund body EPFO will be able to get a pension from any bank or branch across India from January, Labour Minister Mansukh Mandaviya said on Wednesday. Mandaviya, who is also the chairperson of EPFO's apex decision-making body Central Board of Trustees, has approved the proposal for a Centralized Pension …

Rise and Fall of the NPS: Will the UPS Arrest or Accelerate Its Demise?
6 months, 3 weeks ago

Rise and Fall of the NPS: Will the UPS Arrest or Accelerate Its Demise?

The Quint  

There are at least two features that make the UPS a poor cousin of the OPS for government employees. Firstly, the government has assured 50 percent of the average basic pay of the last 12 months as a pension and not 50 percent of the basic pay and dearness allowance of the last drawn salary. If a government servant’s average …

Ajit Ranade: A truly secure nest egg is one that’s fully funded
6 months, 3 weeks ago

Ajit Ranade: A truly secure nest egg is one that’s fully funded

Live Mint  

The government announced a change in the National Pension System, which has been in force for more than 20 years. Under the new Unified Pension Scheme, the retired government employee is assured of an income that is 50% of the average salary drawn in the last year before retirement. It is unfair to the country’s 97% non-government workers and unborn …

NPS won't be rolled back, UPS is to improve it, no compulsion for states to adopt it: FM Nirmala Sitharaman
7 months ago

NPS won't be rolled back, UPS is to improve it, no compulsion for states to adopt it: FM Nirmala Sitharaman

Hindustan Times  

The Unified Pension Scheme is “not a compulsion for states” since they are capable of making their own decisions, Finance Minister Nirmala Sitharaman said on Tuesday, August 27, 2024, but added that she hoped most states would adopt it “as it has a lot of benefits for employees.” Union Finance minister Nirmala Sitharaman hopes most states would adopt the UPS …

Unified Pension Scheme will not be rolled back, says government official in response to trade union demand
7 months ago

Unified Pension Scheme will not be rolled back, says government official in response to trade union demand

Live Mint  

New Delhi: There will be no rollback of the new Unified Pension Scheme for central government employees, a senior government official said on Tuesday. This is a pension for central government employees, which is different from the pension system of the state government and the private sector.” ‘UPS an upgrade of existing NPS’ The UPS can be seen as an …

Unified Pension Scheme: How does it differ from the Old and New Pension Scheme?
7 months ago

Unified Pension Scheme: How does it differ from the Old and New Pension Scheme?

The Hindu  

The story so far: Fulfilling a long-standing demand of government unions, the Centre on Saturday, unveiled a new ‘Unified Pension Scheme’ assuring government employees half their last drawn salary as a lifelong monthly benefit. The move is also a surprising rollback by the NDA government as it was the original NDA – the Atal Bihari Vajpayee government – which had …

Ecostani | Unified Pension Scheme, a moral victory for the Opposition
7 months ago

Ecostani | Unified Pension Scheme, a moral victory for the Opposition

Hindustan Times  

The Unified Pension Scheme approved by the Union government on Saturday — a mix of contribution and assured pension, to replace the New Pension Scheme, a wholly contributory mechanism — will provide some social security to government employees after retirement. The scheme, which is virtually akin to the Old Pension Scheme that NPS replaced in 2004, assures government employees 50% …

Unified pension scheme: T.N. government begins studying possible implications over UPS
7 months ago

Unified pension scheme: T.N. government begins studying possible implications over UPS

The Hindu  

Even as the Tamil Nadu government is awaiting full details of the Unified Pension Scheme, it has begun the preliminary task of studying possible implications in the event of the adoption of such a scheme in the State. As and when the government decides to implement the State-specific pension scheme, the political leadership would prefer to wait for an “opportune …

Maharashtra becomes first state to offer Unified Pension Scheme. How is it different from National Pension Scheme?
7 months ago

Maharashtra becomes first state to offer Unified Pension Scheme. How is it different from National Pension Scheme?

Firstpost  

The Eknath Shinde-led Maharashtra government is the first state in the country to offer its employees the newly-approved Unified Pension Scheme. The UPS will provide state employees a fixed pension after retirement, while returns on the National Pension Scheme are linked to the stock market The Unified Pension Scheme will give government employees who served 25 years around half their …

State government replaces NPS with sweeter revised pension scheme
7 months ago

State government replaces NPS with sweeter revised pension scheme

Hindustan Times  

MUMBAI: Within 24 hours of the union government’s approval of the Unified Pension Scheme to replace the New Pension Scheme for its employees, the Mahayuti government approved the UPS for around 8.3 lakh employees in a cabinet meeting on Sunday. HT Image Around 1.4 million government and semi-government employees, including Class 1 officers, Class 4 employees and teachers, had threatened …

'UPS Not A U-Turn, But An Improvement': Top Government Official Defends Unified Pension Scheme
7 months ago

'UPS Not A U-Turn, But An Improvement': Top Government Official Defends Unified Pension Scheme

News 18  

As Opposition and opposition-ruled states plan to confront and defy the Centre on the Unified Pension Scheme, the government has reached out to them again to convince them that it would make financial prudence to adopt the UPS and abandon the Old Pension Scheme. So, it would, and I hope they realise it, make sense to switch.” “In fact, experts …

Maharashtra becomes first state to implement Unified Pension Scheme | DETAILS
7 months ago

Maharashtra becomes first state to implement Unified Pension Scheme | DETAILS

India TV News  

Maharashtra cabinet: The Maharashtra government, led by Chief Minister Eknath Shinde, has become the first in the country to implement the Unified Pension Scheme for state employees. Additionally, the cabinet cleared the Rs 7,000 crore Nar-Par-Girna river linking project, which is expected to primarily benefit the northern Maharashtra districts of Nashik and Jalgaon. Other major decisions taken by Maharashtra Cabinet …

Middle path: On the Unified Pension Scheme
7 months ago

Middle path: On the Unified Pension Scheme

The Hindu  

The Centre has restored guaranteed pensions for its employees, meeting their demand halfway, and weakly trying to hold on to principles of fiscal prudence. Pension schemes around the world, whether contributory and market linked or underwritten by the exchequer, are facing a crisis, due to multiple factors, including demographic reasons. The Unified Pension Scheme, approved by the Cabinet, promises a …

Unified Pension Scheme: Congress Accuses Modi Govt Of 'U-Turns', Alleges Attack On Dalits, Tribals & OBCs
7 months ago

Unified Pension Scheme: Congress Accuses Modi Govt Of 'U-Turns', Alleges Attack On Dalits, Tribals & OBCs

ABP News  

New Delhi, Aug 25 The Congress on Sunday took a jibe at the Centre over its announcement of the Unified Pension Scheme, saying the 'U' in UPS stands for the Modi government's "U-turns". Taking a dig at the government, Congress president Mallikarjun Kharge said, "The 'U' in UPS stands for Modi Govt's U turns! Under the unified pension scheme, it …

What Is Unified Pension Scheme? See What Changes It Brings
7 months ago

What Is Unified Pension Scheme? See What Changes It Brings

ABP News  

The Government of India on Saturday gave a nod to the Unified Pension Scheme for government employees. The UPS comes after the central government employees have been demanding changes in the new pension scheme. Unified Pension Scheme The latest scheme announced by the central government puts in place the provision of a fixed assured pension. New Pension Scheme All central …

Top News: New Unified Pension Scheme to Be Implemented from 2025 | ABP News
7 months ago

Top News: New Unified Pension Scheme to Be Implemented from 2025 | ABP News

ABP News  

The Modi government has introduced a significant benefit for government employees by approving the Unified Pension Scheme. This new scheme aims to ensure guaranteed pensions, family pensions, and a minimum assured pension for central employees. Under the new scheme, pensioners will receive 50% of their average basic pay from the last 12 months before retirement, provided they have served for …

Unified Pension Scheme: Who is eligible? What's the minimum amount? Explained
7 months ago

Unified Pension Scheme: Who is eligible? What's the minimum amount? Explained

Hindustan Times  

The union cabinet on Saturday approved a Unified Pension Scheme, which will benefit approximately 23 lakh government employees and will serve as an alternative to the National Pension System. Union minister Ashwini Vaishnaw briefed the media on the central government's new Unified Pension Scheme. Prime minister Narendra Modi, who chaired the meeting, posted on X saying, “The Unified Pension Scheme …

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