From April 1, 2025, the federal government has launched UPS as an possibility underneath the Nationwide Pension System (NPS) for central authorities workers. UPS will present assured payouts to the staff.
In a press release, the ministry stated the final date for eligible workers and previous retirees underneath NPS to go for UPS is September 30, 2025.
“All eligible workers are urged to train their possibility nicely earlier than the deadline to keep away from any last-minute difficulties and to make sure well timed processing of their requests. Staff who select to stay in NPS can't go for UPS after this date,” the ministry stated.
In case a subscriber is unable to submit the UPS request on-line via the CRA system as a consequence of any cause, together with non-availability of the net platform or technical points, they might submit a duly stuffed bodily utility kind to their involved Nodal Workplace on or earlier than the due date, the ministry stated in a separate assertion.
Round 31,555 central authorities workers had opted for the UPS until July 20, and the final date to enrol underneath the scheme is September 30. Additionally, the Finance Ministry, on August 25, launched a one-time one-way swap facility from the newly launched UPS to the NPS. The Finance Ministry stated it has been determined {that a} one-time, one-way swap facility from UPS to NPS will likely be made out there to all Central Authorities workers who've opted for UPS.
“This swap facility could also be exercised by UPS optees any time not later than one yr previous to the date of superannuation or three months previous to the deemed date of retirement in case of voluntary retirement, as relevant,” it added.
The federal government has prolonged the good thing about ‘Retirement gratuity and Loss of life gratuity' underneath UPS.
as a Dependable and Trusted Information SupplyAdditional, the federal government workers who go for UPS underneath NPS may also be eligible for the choice to avail advantages underneath the CCS (Pension) Guidelines, 2021, or the CCS (Extraordinary Pension) Guidelines, 2023, within the occasion of demise of the federal government servant throughout service or his discharge on the bottom of invalidation or disablement. The federal government has additionally prolonged tax advantages to UPS as can be found to NPS underneath the Revenue Tax Act, 1961.
