Haryana Embraces Unified Pension Scheme to Benefit State Employees
Haryana's government adopts the Unified Pension Scheme (UPS), benefiting over 2 lakh employees appointed since January 2006. Effective from August 1, 2025, the scheme assures minimum pension and family pension, with increased government contribution. It also supports investment choices managed by the Pension Fund Regulatory and Development Authority (PFRDA).
- Country:
- India
The Haryana government has committed to improving the financial security of its employees by adopting the Unified Pension Scheme (UPS) under the National Pension System. The decision, announced on Thursday, promises significant benefits for state employees hired on or after January 1, 2006.
With an implementation date of August 1, 2025, the scheme is set to provide a guaranteed minimum pension and family benefits, impacting over 2 lakh government workers. Contributors stand to receive 50% of their last year's average basic pay upon retirement, provided they completed 25 years of service.
The cabinet is taking progressive steps, increasing its contribution rate to 18.5%, compared to the current 14% under the existing system. Additionally, the initiative introduces flexibility in investment choices, adhering to the guidance of the Pension Fund Regulatory and Development Authority. This ensures that state employees have more control over their retirement funds.
(With inputs from agencies.)
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