New Delhi, Aug 25 (PTI) The Finance Ministry on Monday introduced a one-time one-way switch facility from the newly introduced Unified Pension Scheme (UPS) to the National Pension System (NPS).
From April 1, 2025, the government has introduced UPS as an option under the National Pension System (NPS) for central government employees. UPS will provide assured payouts to the employees.
Around 31,555 central government employees have opted for the Unified Pension Scheme (UPS) till July 20, and the last date to enrol under the scheme is September 30.
In an office memorandum, the Finance Ministry said it has been decided that a one-time, one-way switch facility from UPS to NPS will be made available to all Central Government employees who have opted for UPS.
“This switch facility may be exercised by UPS optees any time not later than one year prior to the date of superannuation or three months prior to the deemed date of retirement in case of voluntary retirement, as applicable,” it added.
The government has extended the benefit of ‘Retirement gratuity and Death gratuity’ under UPS.
Further, the government employees who opt for UPS under NPS will also be eligible for the option to avail benefits under the CCS (Pension) Rules, 2021, or the CCS (Extraordinary Pension) Rules, 2023, in the event of death of the government servant during service or his discharge on the ground of invalidation or disablement.
The government has also extended tax benefits to UPS as are available to NPS under the Income Tax Act, 1961. PTI JD BAL BAL BAL
This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.