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Understanding the Unified Pension Scheme
This chapter explores the newly approved Unified Pension Scheme (UPS), detailing its features, significance, and implications compared to the National and Old Pension Schemes. It highlights the rising financial burden of pensions on government budgets, emphasizing the shift towards a contributory scheme to ensure sustainable post-retirement benefits. The chapter also outlines eligibility criteria for employees, the governmental contribution rate, and the expected fiscal impact of the UPS.