Answer: Ministry of Finance
Notes: The Unified Pension Scheme (UPS) is a contributory pension plan for central government employees, offering guaranteed retirement benefits. It guarantees 50% of the last drawn basic pay as a monthly pension. The scheme will be operational from April 1, 2025, and regulated by the Pension Fund Regulatory and Development Authority (PFRDA). Approved by the Cabinet on August 24, 2024, the UPS aims to address concerns over market-linked returns of the NPS and provide financial security after retirement. The Ministry of Finance introduced the scheme to benefit government employees.
