ups
The Central Government has notified the Unified Pension Scheme (UPS). The government has announced that the Unified Pension Scheme (UPS) will be available as an option under the National Pension System for government employees. UPS has been notified by the government on January 24. UPS will be applicable to such Central Government employees who are covered under the National Pension System and who opt for this option under the National Pension System (NPS). Existing Central Government employees can either choose the Integrated Pension Scheme option under the National Pension System or continue with the National Pension System without the UPS option. Let us know everything you want to know.
When will this scheme be implemented?
According to the government notification, the effective date of implementation of the Integrated Pension Scheme for government employees will be April 1, 2025. “The effective date of operation of UPS will be April 1, 2025,” the Finance Ministry said in an official notification.
Benefits of UPS
Employees covered under UPS will get the following benefits. The amount of pension will be 50 percent of the average basic pay immediately preceding 12 months of retirement. Full payment will be assured after minimum 25 years of service. A minimum guaranteed pension of ₹ 10,000 per month will be given in this scheme. In case of voluntary retirement after serving a minimum of 25 years, the assured payment will commence from the date on which the employee retires. In case of death, the family will be given 60 percent of the amount as family pension immediately after the death. Apart from gratuity, employees will also get a lump sum payment at the time of retirement. Dearness relief will be available on the pension received by the family. A lump sum payment on retirement at the rate of 10 percent of the monthly basic salary along with dearness allowance will be allowed.
UPS is similar to OPS
UPS is very similar to the Old Pension Scheme (OPS). The government says that UPS has been created to address the concerns related to NPS of government employees.
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