The Unified Pension Scheme (UPS) is set to be implemented for central government employees from April 1, 2025. The Pension Fund Regulatory and Development Authority (PFRDA) has officially issued a notification regarding this scheme. This move is expected to benefit around 23 lakh employees under the 7th Pay Commission framework.

Key Highlights of the Unified Pension Scheme (UPS)

✅50% Assured Pension: Retired employees will receive 50% of their last drawn basic salary as a fixed pension.

✅ Minimum Pension: Employees with at least 10 years of service will be eligible for a minimum pension of ₹10,000 per month.

✅Government Contribution: Under UPS, the government will contribute 18.5%, whereas under the existing National Pension System (NPS), it contributes 14%.

✅Family Pension Benefits: In case of an employee’s demise, their family will receive 60% of the pension amount.

✅Choice Between NPS and UPS: Employees can choose between NPS and UPS, making the scheme flexible.

How to Enroll in UPS?

Eligible employees can enroll in UPS starting from April 1, 2025, through the official NPS CRA Portal (npscra.nsdl.co.in). Alternatively, they can also opt for physical submission of the form.

This new pension scheme aims to strike a balance between fiscal policies and employee benefits, ensuring financial security for government employees post-retirement. Stay tuned for more updates on BETULHUB News!