The finance ministry on Saturday notified the operationalization of the Unified Pension Scheme (UPS) as an option under the National Pension System (NPS) for central government employees.
- Implementation Date: April 1, 2025.
- Eligibility: Central government employees under NPS who opt for UPS.
- Regulation: The Pension Fund Regulatory and Development Authority (PFRDA) will oversee UPS regulations and provide operational guidelines.
- Pension Benefits:
- 50% of Basic Pay: For those with 25+ years of service, based on the average basic pay of the last 12 months before retirement.
- Proportionate Pension: For employees with 10–25 years of service.
- Minimum Pension Guarantee: A monthly minimum of ₹10,000 for those with 10+ years of service, provided they aren’t removed, discharged, or resigned.
- Exclusions: Assured payouts don’t apply in cases of removal, discharge, or resignation
