Ahead of state election, Maharashtra decides implementing Unified Pension Scheme
Ahead of state election, Maharashtra, under Chief Minister Eknath Shinde, has become the first state in India to implement the Unified Pension Scheme (UPS) for its employees. This development follows the Union Cabinet's nationwide announcement of the pension scheme just a day earlier.
The Maharashtra Cabinet's decision, made during a meeting chaired by CM Shinde on Sunday, establishes that the UPS will be effective from March this year, benefiting all state government employees. Notably, the Maharashtra Assembly's term ends in November, with elections expected in October-November.
On Saturday, the Narendra Modi-led central government approved the UPS for central government employees who began service after January 1, 2004. Those under the National Pension Scheme who choose the UPS will receive a guaranteed pension of 50 percent of their average basic pay from the last 12 months before retirement. The scheme requires a minimum of 25 years of qualifying service.
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