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AP approves new pension scheme
www.newindianexpress.com: 08/06/2023
VIJAYAWADA: The State government approved the proposal to implement the Guarantee Pension Scheme (GPS) by replacing the Contributory Pension Scheme (CPS) for government employees.The Cabinet meeting, chaired by Chief Minister Y S Jagan Mohan Reddy at the Secretariat on Wednesday, cleared the draft GPS Bill.
Under the GPS, pensioners would receive 50% of their last drawn salary as pension as against 20.3% of their basic salary under the CPS.