Find the current affairs of 29 January 2025. Stay updated with the most important news and events that have occurred on this day. Our daily current affairs updates are carefully curated by GK and Current Affairs experts, ensuring that you receive accurate and relevant information to enhance your competitive exam preparation.
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Highlights of 29 January 2025 Current Affairs
- Unified Pension Scheme (UPS) combines elements of Old Pension Scheme (OPS) and National Pension Scheme (NPS) to offer government employees a stable pension based on service length and last basic salary.
- The scheme, effective from April 1, 2025, aims to balance the fiscal responsibility of NPS with the stability of OPS.
- UPS allows employees who retired under NPS since 2004 to switch to UPS and receive adjusted arrears.
- The scheme applies to employees with a minimum of 10 years of service, with full benefits for those with at least 25 years of service.
- Government’s pension fund contribution will increase from 14% to 18.5%, while employee contributions remain unchanged.
- Employees with 25+ years of service will receive 50% of their average basic salary as a pension, with adjustments for shorter service periods.
- A minimum pension of Rs 10,000 per month is guaranteed for employees with at least 10 years of service.
- Family pensions will provide 60% of the deceased employee’s pension to the family.
- Pension and related benefits will be adjusted for inflation based on the Consumer Price Index for Industrial Workers (AICPI-IW).
- Upon retirement, employees will receive a lump sum equal to 10% of their salary for every 6 months of completed service, in addition to gratuity.