Central Government on Monday extends a cut-off date available to government employees for the exercise of the granting pension scheme (UPS). The new cut-off date on September 30 provides current deadline on June 30 in three months. In other words, Government staff through September 30 to select UPS as an optional Pension method. Pension design is designed to provide a comprehensive and centralized pension system for central government employee.
UPS June 30 deadlines extended for three months
Previously, the eligible central government staff – including active emplemore, retired and mate of deceased retirees – have first died June 30 to use this option under the UPS. Now, they have until September 30 to do it.
“In view of the representations received from Various Stakeholders Requesting an extension of the cut-off date, the government of India has decided to extend the cut-off date for Three Months ie, Upto 30th September 2025 for Eligible Existing Employees, Past Retirees, and the Legally Wedded spouses of deceased past retirees, “The Ministry of Finance said in a statement.
UPS is an option available to the temporary Pension System (NPS) for central government employees ensuring a fixed monthly pension after retirement.
The amount of pension depends on regular contributions from the employee as well as the government invested in a fund.
Integrated Pension Scheme (UPS) | Here are some important things to know:
Who can choose for UPS?
Government government only covered under NPS can go for the UPS option.
How is the pension calculated calculated under the UPS?
Full assured monthly pension is 50 percent of the average basic payment in the past 12 months prior to retirement. Full pension, under design, paid after 25 years of qualified service.
In case of a service less than 25 years, a proportional pension is paid under the design. If retirement occurs after at least 10 years of service, a minimum pension of Rs 10,000 per month warranty, without prompting.
For voluntary retirement after 25 years, the pension starts from the date that the employee is normal retirement.
The employee contribution and central government under the UPS
Under UPS, each of the employees and the Central Government contributed 10 percent of the basic payment with the beloved allowance for the employee.
