Pension Schemes in India including OPS NPS UPS
6 Pensions in India including OPS, NPS, UPS (Briefly Explained)
The Central Government is introducing a Unified Pension Scheme (UPS) amidst debates comparing it with the Old Pension Scheme (OPS) and New Pension Scheme (NPS). UPS aims to benefit 23 lakh employees, ensures 50% of last 12 months' average pay for 25 years of service, and includes family pensions. There are concerns over OPS's financial burden and UPS excluding paramilitary forces, who typically retire before 25 years of service.