Extended Deadline: Government Employees Get More Time to Opt for Unified Pension Scheme

The finance ministry announced on Monday that the deadline for government employees to opt into the Unified Pension Scheme (UPS) has been extended by three months, now set for September 30. This decision comes after multiple stakeholders requested additional time to make their choice.

Initially, the deadline was set for June 30, affecting eligible current employees, retirees, and spouses of deceased retirees. However, the new cut-off date will allow these groups until September 2025 to decide on their pension scheme.

The UPS, which impacts central government employees under the National Pension System (NPS), requires employees to contribute 10% of their basic salary and dearness allowance, while the central government contributes 18.5%. The Union Cabinet, led by PM Narendra Modi, approved the scheme on August 24, 2024.

(With inputs from agencies.)