Central Government Employees Flock to Unified Pension Scheme
The Unified Pension Scheme (UPS) has attracted 31,555 central government employees as of July 20, with the enrollment deadline set for September 30. The scheme offers assured payouts under the National Pension System. Eligibility uplift includes retired subscribers for additional benefits and tax reliefs similar to NPS.
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The Unified Pension Scheme (UPS) continues to draw interest from central government employees, with 31,555 opting in as of July 20. The deadline to enroll is approaching, as informed to Parliament on Monday. The scheme, effective from April 2025, promises assured payouts as part of the National Pension System (NPS).
Finance Minister Nirmala Sitharaman disclosed that up to 7,253 claims have been received, of which 4,978 have been processed for benefits under the scheme. The government extended the UPS enrollment deadline to September 30, 2025, due to the significant interest shown by employees and associations.
The UPS not only offers 'Retirement gratuity and Death gratuity' but also introduces tax benefits equivalent to those under the NPS. However, there's no current proposal to extend such advantages to other pension schemes or sectors, clarifying strict eligibility and benefits exclusively for central government employees.
(With inputs from agencies.)
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