HUBBALLI : The Unified Pension Scheme (UPS), recently announced by the Union government, an alternative to the existing National Pension Scheme (NPS), is likely to benefit around 31,230 railway employees, about 80 per cent, of the South Western Railway (SWR), who are presently covered under NPS. The employees have an option to choose between the existing NPS and the UPS.
SWR financial adviser and chief account officer Kusuma Hariprasad and chief personnel officer Shuja Mahamood said that the UPS guarantees that government employees receive 50 percent of their average basic pay from the last 12 months before retirement. This significant development is aimed at enhancing the pension benefits for government employees, ensuring greater financial security post-retirement.