Unified Pension Scheme is a single pension scheme introduced by the government that combines old pension schemes into a single scheme.
The Old Pension Scheme was in place for government employees hired before a certain date, providing defined benefits upon retirement.
The New Pension Scheme, also known as the National Pension System, is a contribution-based scheme where individuals can make regular contributions towards their pension account.
The major difference lies in the structure of benefits - the Old Pension Scheme offers defined benefits, while the New Pension Scheme depends on the contributions made by the individual.
The Unified Pension Scheme aims to simplify pension administration and make it more uniform for all government employees.
