What is the objective of the Unified Pension Scheme recently approved by the Union Cabinet
The Union Cabinet has approved a scheme that assures 50% of salary as pension.
The objective of the Unified Pension Scheme recently approved by the Union Cabinet, which assures 50% of salary as pension, includes:
- Providing financial security to employees post-retirement by ensuring a pension amount equivalent to 50% of their salary.
- Encouraging more employees to save for retirement and have a regular income stream during their post-employment years.
- Reducing the financial burden on retirees by providing a fixed income source to cover basic expenses.
- Promoting a culture of retirement planning and financial preparedness among working professionals.
- Enhancing the overall social security framework in the country by offering a guaranteed pension benefit to employees.
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8 months ago