By Anubhuti Vishnoi
Copyright indiatimes
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New Delhi: With just about one lakh of the 23-odd lakh central government employees opting so far, even for the sweetened version of the recently notified Unified Pension Scheme (UPS), deliberations have been triggered at the top-levels in the Central government to consider extending the September 30 deadline.ET gathers that several employees’ associations have written to the Cabinet Secretary seeking a two-month extension of the cut-off date to enable more employees to make the one-time switch from existing National Pension Scheme to UPS.On Monday, representatives of these associations met officials from stakeholder ministries for extension.Late Monday evening, senior officials across finance to pension funding departments and ministries were locked in deliberations on the merits of giving yet another extension after the one given on June 30.At stake is the Centre’s flagship pension scheme, UPS, which aims to strike a balance between the market-driven National Pension Scheme and the old pension scheme that placed it under a heavy burden.Live EventsUPS: The Balancing ActWhile the UPS was launched as a game-changer pension reform this March, the response has been lukewarm over a range of issues- from concerns over inadequate financial security to requirement of 25 years of service for full pension benefits and the stringent ‘family’ definition.Finally, earlier this month, the Centre had notified the Central Civil Services (Implementation of the Unified Pension Scheme under the National Pension System) Rules, 2025, with several sweeteners thrown in, to draw more into the fold of the flagship scheme.These included allowing full pension benefits at a minimum service period of 20 years instead of 25 years proposed in April- a major relief especially for those in the paramilitary forces who often seek early voluntary retirement.Better financial security for an employee’s family in case of disability or death during the period of employment has also been brought into the UPS.While largely welcomed, many felt that with a September 30 deadline, there is too short a window for staffers to weigh in the new rulebook. As of last week, just one lakh people had opted for the UPS despite the Centre’s outreach across ministries and departments.In a September 25 communication, the National Council of the Joint Consultative Machinery for Central government employees wrote to the cabinet secretary pointing out how a large number of employees had not been able to make the switch to UPS as many are working in remote areas and may not have adequately learnt the latest rule shift on UPS switch as yet.Besides communication gaps and procedural delays, a substantial number of eligible employees may end up getting deprived of the UPS choice which closes on September 30. Accordingly, the Council sought at least two more months be given so that staffers have sufficient time to exercise their choice on the UPS option.Add as a Reliable and Trusted News Source Add Now!
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(You can now subscribe to our Economic Times WhatsApp channel)Read More News onUnified Pension SchemeCentral government employeesNational Pension SchemeSeptember 30 deadlineCentral Civil ServicesCentral governmentparamilitary forcesStakeholderFinanceSecurity(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
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