ET gathers that a number of workers' associations have written to the Cupboard Secretary searching for a two-month extension of the closing date to allow extra workers to make the one-time swap from current Nationwide Pension Scheme to UPS.
On Monday, representatives of those associations met officers from stakeholder ministries for extension.
Late Monday night, senior officers throughout finance to pension funding departments and ministries had been locked in deliberations on the deserves of giving yet one more extension after the one given on June 30.
At stake is the Centre's flagship pension scheme, UPS, which goals to strike a steadiness between the market-driven Nationwide Pension Scheme and the previous pension scheme that positioned it underneath a heavy burden.
UPS: The Balancing Act
Whereas the UPS was launched as a game-changer pension reform this March, the response has been lukewarm over a variety of issues- from issues over insufficient monetary safety to requirement of 25 years of service for full pension advantages and the stringent ‘household' definition.Lastly, earlier this month, the Centre had notified the Central Civil Providers (Implementation of the Unified Pension Scheme underneath the Nationwide Pension System) Guidelines, 2025, with a number of sweeteners thrown in, to attract extra into the fold of the flagship scheme.
These included permitting full pension advantages at a minimal service interval of 20 years as an alternative of 25 years proposed in April- a significant reduction particularly for these within the paramilitary forces who typically search early voluntary retirement.
Higher monetary safety for an worker's household in case of incapacity or dying through the interval of employment has additionally been introduced into the UPS.
Whereas largely welcomed, many felt that with a September 30 deadline, there's too brief a window for staffers to weigh within the new rulebook. As of final week, only one lakh individuals had opted for the UPS regardless of the Centre's outreach throughout ministries and departments.
In a September 25 communication, the Nationwide Council of the Joint Consultative Equipment for Central authorities workers wrote to the cupboard secretary declaring how a lot of workers had not been in a position to make the swap to UPS as many are working in distant areas and should not have adequately learnt the most recent rule shift on UPS swap as but.
Apart from communication gaps and procedural delays, a considerable variety of eligible workers could find yourself getting disadvantaged of the UPS alternative which closes on September 30. Accordingly, the Council sought at the least two extra months be given in order that staffers have enough time to train their alternative on the UPS choice.
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