Explanation: Unlike the old pension scheme, the UPS is contributory. Employees contribute 10% of their basic salary and dearness allowance, while the government contributes 18.5%. The scheme provides 50% (not 100%) of average basic pay as payout, and the minimum payout is Rs 10,000 (not Rs 20,000) per month for employees with 10 or more years of service.
Explanation: Unlike the old pension scheme, the UPS is contributory. Employees contribute 10% of their basic salary and dearness allowance, while the government contributes 18.5%. The scheme provides 50% (not 100%) of average basic pay as payout, and the minimum payout is Rs 10,000 (not Rs 20,000) per month for employees with 10 or more years of service.