Centre nods for UPS, assures 50% of basic pay as pension

The central government announced a revamp of the National Pension System, benefiting 23 lakh employees by guaranteeing a 50% payout of the average basic pay for the last 12 months of service. The new Unified Pension Scheme will offer inflation adjustments and higher government contributions, addressing concerns over market fluctuations and aligning benefits with the old pension scheme.