Maharashtra Implements Unified Pension Scheme for State Employees
Sunday, 25 August 2024, 21:11
Unified Pension Scheme Unveiled
The government of Maharashtra has become the first in the country to implement the Unified Pension Scheme (UPS) to cater to its employees. This monumental step comes just a day after the Union Cabinet's approval, showcasing a strong response to longstanding demands.
Key Features of the Unified Pension Scheme
- The UPS provides a pension that equals 50% of the employee’s average salary over the last twelve months.
- It includes adjustments for inflation to ensure the value of pensions is maintained.
- The scheme is set to be effective from March this year.
Additional Government Initiatives
The Maharashtra Cabinet has also approved several other noteworthy projects:
- Expansion of the uninterrupted power supply scheme to support more farmers.
- The ₹7,000 crore Nar-Par-Girna river linking project, enhancing irrigation for around 50,000 hectares.
- A €6,049 crore infrastructure development in Thane, involving housing and other projects.
These initiatives underscore Maharashtra’s commitment to improving economic and living standards for its residents.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.