By Ionsfinance Ministry
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Getty ImagesUnified Pension Scheme (UPS)
The Finance Ministry on Thursday asked government employees to opt for shifting to the Unified Pension Scheme (UPS) well before the September 30 deadline to ensure the timely processing of their requests.From April 1, 2025, the government has introduced UPS as an option under the National Pension System (NPS) for central government employees. UPS will provide assured payouts to the employees.In a statement, the Ministry said the last date for eligible employees and past retirees under NPS to opt for UPS is September 30, 2025.”All eligible employees are urged to exercise their option well before the deadline to avoid any last-minute difficulties and to ensure timely processing of their requests. Employees who choose to remain in NPS cannot opt for UPS after this date,” the ministry said.Around 31,555 central government employees had opted for the UPS till July 20, and the last date to enrol under the scheme is September 30.Live Events Also, the Finance Ministry, on August 25, introduced a one-time one-way switch facility from the newly introduced UPS to the NPS.The Finance Ministry said it has been decided that a one-time, one-way switch facility from UPS to NPS will be made available to all Central Government employees who have opted for UPS.”This switch facility may be exercised by UPS optees any time not later than one year prior to the date of superannuation or three months prior to the deemed date of retirement in case of voluntary retirement, as applicable,” it added.The government has extended the benefit of ‘Retirement gratuity and Death gratuity’ under UPS.Further, the government employees who opt for UPS under NPS will also be eligible for the option to avail benefits under the CCS (Pension) Rules, 2021, or the CCS (Extraordinary Pension) Rules, 2023, in the event of death of the government servant during service or his discharge on the ground of invalidation or disablement.Add as a Reliable and Trusted News Source Add Now!
The government has also extended tax benefits to UPS as are available to NPS under the Income Tax Act, 1961.(You can now subscribe to our Economic Times WhatsApp channel)
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