The central government on Monday extended the cutoff date applied to government staff to exercise the Uniform Pension System (UPS) option. The new cutoff date for September 30th will extend the current deadline for June 30th by three months. In other words, governing staff will need to select UPS as an optional pension plan until September 30th. The pension scheme is designed to provide a comprehensive and intensive pension scheme for central government staff.
UPS June 30th deadline has been extended by three months
Previously, eligible central government staff, including deceased retirees, retirees and spouses, appeared on June 30 to exercise this option under the UPS. Now they need to do so until September 30th.
“In light of the representatives received from various stakeholders requesting an extension of the cutoff date, the Government of India has decided to extend the UPS option for three months and the cutoff date for exercise of the UPS option by September 30, 2025.
The UPS is a temporary option available under the National Pension Plan (NPS) for Central Government Employees, guaranteeing a flat monthly pension upon retirement.
The amount of pension depends on regular contributions from employees and governments invested in the fund.
Uniform Pension System (UPS) | Here are some important things to know:
Who can choose UPS?
Only central government employees already covered under the NPS can go to the UPS option.
How is the pension amount calculated under UPS?
The guaranteed monthly pension is 50% of the average base salary for the past 12 months prior to retirement. All pensions under the scheme are paid after 25 years of eligibility services.
For services under 25 years, a proportional pension is paid under the scheme. If a retirement is made after at least 10 years of service, a minimum pension of Rs 10,000 per month is guaranteed, subject to timely and regular contributions without withdrawal.
In the event of a voluntary retirement 25 years later, the pension begins on the day the employee normally leaves the employee.
UPS-based employee and central government contributions
Under the UPS, each employee and the central government will donate 10% of the basic wage along with employee dearness allowances.
