Unified Pension Scheme (UPS) will be implemented from 1 April 2025. In this, central government employees will get 50% guaranteed pension. Let us know what are the terms of UPS and where to get its form.
Unified Pension Scheme: If you are a central government employee, then a big change is going to come in your retirement planning. Pension Fund Regulatory Authority of India (PFRDA) has announced that Unified Pension Scheme (UPS) will be implemented from 1 April 2025. Government employees will get the benefit of guaranteed pension from this new scheme. Let us know all the details about this scheme.
Who will get the benefit of UPS?
Employees who will be in service till 1 April 2025 and already come under National Pension System (NPS) will get the benefit of UPS. Government employees joining after 1 April 2025 will also get its benefit. However, employees who have been fired, dismissed or resigned will not be eligible for this scheme.
What is the difference between UPS and NPS?
The central government introduced NPS in 2004 by ending the Old Pension Scheme (OPS). In this, the pension of central employees depended on market linked returns. This means that their pension fund was invested in the stock market and government bonds. They used to get pension from the returns received from that. But now a fixed minimum pension will be guaranteed in UPS.
What will be available in UPS?
- 50% pension of the average basic salary of the last 12 months.
- Those who have worked for at least 25 years will get this benefit.
- Employees will have to contribute 10% of basic salary + DA.
- The government will contribute 18.5%.
Where will UPS forms be available?
Government employees who want to join the Unified Pension Scheme can fill the online form from the official website of Protean CRA from April 1, 2025. Offline application facility will also be provided. This scheme was approved by the Central Government on 24 August 2024. Its purpose is to provide financial security to the employees after retirement, so that they can rely on a fixed income.
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