The Unified Pension Scheme (UPS) for employees has been implemented by the Maharashtra State Government, making Maharashtra the first state in India to do so.
The decision came after the demands from central government employee organizations. Now, the state government employees are entitled to receive a pension equal to 50% of their average salary over the last 12 months, with inflation adjustments and other advantages.
As per the Maharashtra cabinet’s decision, the Unified Pension Scheme will be effective from March this year and will be beneficial for all state government employees in the state. The UPS will offer a minimum pension of ₹10,000 every month.
Related post: What is the National Pension System (NPS) Scheme?
Additionally, several other initiatives have been approved by the Maharashtra Cabinet, including expansion of an uninterrupted power supply scheme to farmers, Nar-Par-Girna river linking project, and an infrastructure project in Thane.
The river linking project will provide irrigation of about 50,000 hectares, benefitting agricultural land in Nashik and Jalgaon districts of Maharashtra. As far as Thane project is concerned, the government will raise Rs. 5,000 crore through equity and bonds. The project includes cluster housing developments and other infrastructure projects in the Thane region.
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