The Union Cabinet led by Prime Minister Narendra Modi announced a Unified Pension Scheme (UPS) on Saturday (Aug 24), which aims to increase the retirement benefits for 23 lakh central government employees.

The UPS has certain elements of both the Old Pension Scheme (OPS) and the current National Pension Scheme (NPS) that will benefit the employees. The scheme will be effective from April 1, 2025, and will include assured pensions, family pensions, and minimum pensions to provide financial security for government workers after retirement.

Central government employees will be given the option to choose between UPS and NPS. Employees who are already NPS subscribers will be given an option to switch to UPS.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-bjp-urges-top-poll-body-to-change-haryana-election-dates-congress-slams-753039">India: BJP urges top poll body to change Haryana election dates, Congress reacts</a>

<h2>Key features of the Unified Pension Scheme</h2>

Assured pension

Employees who subscribe to the UPS with at least 25 years of service will get an assured pension of 50% of their average basic pay over the last 12 months before retirement. Other employees having a minimum of 10 years of service will be eligible for a pension proportionate to their tenure.

Assured family pension

UPS provides an assured family pension after their demise, according to which the employee's spouse will be given 60% of the pension drawn before their death.

Assured minimum pension

Employees who retire before completing 25 years of their service will be assured a minimum pension of&nbsp; Rs 10,000 monthly after retirement with a minimum of 10 years of service.

Also read |&nbsp;<a href="https://www.wionews.com/india-news/amit-shah-chairs-crucial-meeting-to-strengthen-anti-naxal-strategy-officials-of-7-states-attend-753013">Home Minister Amit Shah chairs crucial meeting to strengthen anti-Naxal strategy; officials of 7 states attend</a>

Inflation indexation

For the subscribers of UPS, the assured pension, family pension and minimum pension will be indexed to inflation.

Dearness Relief

Both serving and retired employees under the UPS will get Dearness Relief based on the All India Consumer Price Index for Industrial Workers (AICPI-IW).&nbsp;

Lump sum payment on superannuation

Apart from the assured pension, subscribers of UPS will also receive a lump sum payment on superannuation along with gratuity. This payment will amount to 1/10th of the employee's monthly emoluments, which includes pay and Dearness Allowance, as of the date of retirement for every completed six months of service.&nbsp;

(With inputs from agencies)

The Union Cabinet led by Prime Minister Narendra Modi announced a Unified Pension Scheme (UPS) on Saturday (Aug 24), which aims to increase the retirement benefits for 23 lakh central government employees.

The Union Cabinet led by Prime Minister Narendra Modi announced a Unified Pension Scheme (UPS) on Saturday (Aug 24), which aims to increase the retirement benefits for 23 lakh central government employees. The UPS has certain elements of both the Old Pension Scheme (OPS) and the current National Pension Scheme (NPS) that will benefit the employees. The scheme will be effective from April 1, 2025, and will include assured pensions, family pensions, and minimum pensions to provide financial security for government workers after retirement. Central government employees will be given the option to choose between UPS and NPS. Employees who are already NPS subscribers will be given an option to switch to UPS. Also read | India: BJP urges top poll body to change Haryana election dates, Congress reacts Key features of the Unified Pension Scheme Assured pension Employees who subscribe to the UPS with at least 25 years of service will get an assured pension of 50% of their average basic pay over the last 12 months before retirement. Other employees having a minimum of 10 years of service will be eligible for a pension proportionate to their tenure. Assured family pension UPS provides an assured family pension after their demise, according to which the employee's spouse will be given 60% of the pension drawn before their death. Assured minimum pension Employees who retire before completing 25 years of their service will be assured a minimum pension of Rs 10,000 monthly after retirement with a minimum of 10 years of service. Also read | Home Minister Amit Shah chairs crucial meeting to strengthen anti-Naxal strategy; officials of 7 states attend Inflation indexation For the subscribers of UPS, the assured pension, family pension and minimum pension will be indexed to inflation. Dearness Relief Both serving and retired employees under the UPS will get Dearness Relief based on the All India Consumer Price Index for Industrial Workers (AICPI-IW). Lump sum payment on superannuation Apart from the assured pension, subscribers of UPS will also receive a lump sum payment on superannuation along with gratuity. This payment will amount to 1/10th of the employee's monthly emoluments, which includes pay and Dearness Allowance, as of the date of retirement for every completed six months of service. (With inputs from agencies)

What is Unified Pension Scheme? Here's what you should know

India is the fastest growing economy in the world. The country's young workforce is a major driver of this great consumption story. But what are the key trends influencing&nbsp;Indian employees?

A recent report by ADP Research suggests that India is among the top nations with multi-income individuals. This might seem rosy on the outside, but it could also highlight strains from the high cost of living.

The report found that 40 per cent of Indian workers have two or more jobs. The desire for a better lifestyle is cited as a major catalyst. The report highlights that a significant portion of these multi-income earners are saving for larger purchases like homes, highlighting the growing ambitions of an average Indian employee.

But could this also mean that rising living costs are pushing people to take on additional work to maintain their desired standard of living?

Shaktikanta Das, Governor of the Reserve Bank of India, highlighted inflation as a major hurdle to the country's otherwise robust economic outlook. While inflation could strain finances in the short run, it could also curb India's growing ambitions in the long run. While India still leads the pack in overall job satisfaction compared to other surveyed countries, the rising cost of living may be forcing gig workers and part-time employees to take on additional work just to make ends meet.

With a coalition government led by BJP at the helm, all eyes are on policy continuity in the upcoming budget. Gig workers, especially, seek financial security regulations that recognise them as organised workers. Modi 3.0 has the task of ensuring equal growth for both corporates and their employees. This would ensure inclusive development.

India is the fastest growing economy in the world. The country's young workforce is a major driver of this great consumption story. But what are the key trends influencing Indian employees?

India is the fastest growing economy in the world. The country's young workforce is a major driver of this great consumption story. But what are the key trends influencing Indian employees? A recent report by ADP Research suggests that India is among the top nations with multi-income individuals. This might seem rosy on the outside, but it could also highlight strains from the high cost of living. The report found that 40 per cent of Indian workers have two or more jobs. The desire for a better lifestyle is cited as a major catalyst. The report highlights that a significant portion of these multi-income earners are saving for larger purchases like homes, highlighting the growing ambitions of an average Indian employee. But could this also mean that rising living costs are pushing people to take on additional work to maintain their desired standard of living? Shaktikanta Das, Governor of the Reserve Bank of India, highlighted inflation as a major hurdle to the country's otherwise robust economic outlook. While inflation could strain finances in the short run, it could also curb India's growing ambitions in the long run. While India still leads the pack in overall job satisfaction compared to other surveyed countries, the rising cost of living may be forcing gig workers and part-time employees to take on additional work just to make ends meet. With a coalition government led by BJP at the helm, all eyes are on policy continuity in the upcoming budget. Gig workers, especially, seek financial security regulations that recognise them as organised workers. Modi 3.0 has the task of ensuring equal growth for both corporates and their employees. This would ensure inclusive development.

India's workplace trends: Multiple income streams & desire for better lifestyle

A recent survey by Indeed reveals that in 2023, a whopping 70 per cent of employees reported feeling happy and content at work. But that leaves another 30 per cent with some level of dissatisfaction. What makes the difference? And how can companies tap into the "joy at work" formula?&nbsp;

The Manager's Touch: A Key Ingredient&nbsp;

The survey points to a clear culprit for workplace blues: a lack of managerial involvement. A staggering 95 per cent of employees believe their manager holds the key to their happiness. &nbsp;

Rohan Sylvester, Talent Strategy Advisor at Indeed India, emphasises, "Data shows that prioritising employee happiness leads to better performance and engagement, ultimately driving business success." &nbsp;

The research further underscores the importance of supportive managers who offer guidance and encouragement. Employees also crave meaningful work that adds purpose to their daily work. Feeling like they're using their skills and facing challenges that lead to a sense of achievement are also crucial happiness boosters.&nbsp;

Beyond the Paycheck: The Perks of Purpose&nbsp;

While salary and benefits remain crucial, the survey reveals that employees value more than just the bottom line. A positive work culture and interactions are highly desired, along with alignment with the company's ideology and strategies, its vision for growth, and even its reputation.&nbsp;

Small, Medium, or Large: Happiness Hangs in the Balance&nbsp;

Interestingly, the survey finds that both small and large organisations have higher levels of happy employees, while medium-sized ones struggle slightly more. This suggests that focusing on building a strong company culture and nurturing individual growth might be key for mid-sized companies.&nbsp;

Work-Life Harmony: The Sweet Spot&nbsp;

The survey also highlights the importance of work flexibility. With the rise of remote work and hybrid models, offering employees control over their schedules can be a major happiness booster.&nbsp;

The Recipe for Workplace Joy: A Multi-Ingredient Approach&nbsp;

Creating a happy workplace isn't about a single magic bullet. It's about understanding that employee happiness is a complex dish with many ingredients. From supportive managers and meaningful work to a positive culture and opportunities for growth, companies that prioritise these elements are more likely to have employees who are not just content, but truly joyful at work.

A recent survey by Indeed reveals that in 2023, a whopping 70 per cent of employees reported feeling happy and content at work. But that leaves another 30 per cent with some level of dissatisfaction.

A recent survey by Indeed reveals that in 2023, a whopping 70 per cent of employees reported feeling happy and content at work. But that leaves another 30 per cent with some level of dissatisfaction. What makes the difference? And how can companies tap into the "joy at work" formula? The Manager's Touch: A Key Ingredient The survey points to a clear culprit for workplace blues: a lack of managerial involvement. A staggering 95 per cent of employees believe their manager holds the key to their happiness. Rohan Sylvester, Talent Strategy Advisor at Indeed India, emphasises, "Data shows that prioritising employee happiness leads to better performance and engagement, ultimately driving business success." The research further underscores the importance of supportive managers who offer guidance and encouragement. Employees also crave meaningful work that adds purpose to their daily work. Feeling like they're using their skills and facing challenges that lead to a sense of achievement are also crucial happiness boosters. Beyond the Paycheck: The Perks of Purpose While salary and benefits remain crucial, the survey reveals that employees value more than just the bottom line. A positive work culture and interactions are highly desired, along with alignment with the company's ideology and strategies, its vision for growth, and even its reputation. Small, Medium, or Large: Happiness Hangs in the Balance Interestingly, the survey finds that both small and large organisations have higher levels of happy employees, while medium-sized ones struggle slightly more. This suggests that focusing on building a strong company culture and nurturing individual growth might be key for mid-sized companies. Work-Life Harmony: The Sweet Spot The survey also highlights the importance of work flexibility. With the rise of remote work and hybrid models, offering employees control over their schedules can be a major happiness booster. The Recipe for Workplace Joy: A Multi-Ingredient Approach Creating a happy workplace isn't about a single magic bullet. It's about understanding that employee happiness is a complex dish with many ingredients. From supportive managers and meaningful work to a positive culture and opportunities for growth, companies that prioritise these elements are more likely to have employees who are not just content, but truly joyful at work.

70pc of India Inc. found joy at work in 2023, but here's what needs tuning 