Unified Pension Scheme, NPS or Old Pension Scheme: Which one is more beneficial? | Know here

UPS vs NPS vs OPS:  For a long time, government employees have been demanding either amendment to the New Pension Scheme (NPS) or the reinstatement of the Old Pension Scheme (OPS). The opposition was also using this issue to garner support. In response, the Modi government has now taken decisive action. On Saturday, the Union Cabinet, led by Prime Minister Modi, approved a new pension scheme called the Unified Pension Scheme (UPS). Under this scheme, 50 per cent of the average basic pay is drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. Additionally, the scheme offers various other benefits, such as assured pension, assured family pension, assured minimum pension, inflation-linked indexation, and extra payment in addition to gratuity. Let’s explore the differences between the Unified Pension Scheme (UPS), the New Pension Scheme (NPS), and the Old Pension Scheme (OPS).