UPS- The central government has given a big gift to its more than 12 lakh railway employees. Along with bringing them under the ambit of Unified Pension Scheme (UPS), they will now get the benefit of Retirement Gratuity and Death Gratuity. With this, employees can get gratuity of up to Rs 25 lakh at the time of retirement or in case of untimely death. The special thing is that now the last date for choosing this option has been extended to 30 September 2025.
What is Unified Pension Scheme?
The Finance Ministry launched the Unified Pension Scheme (UPS) on 24 January 2025. This scheme has come into effect from 1 April 2025. Employees who are in the National Pension System (NPS) have a one-time option to choose UPS. With this, railway employees can also now choose this scheme till 30 September. Earlier the last date was 30 June 2025. This government scheme will give a profit of 36 lakhs in 5 years, know how to avail the benefits
Railway employees will also get the benefit of gratuity
According to the Railway Board, in the Unified Pension Scheme (UPS), railway employees will be given the benefit of retirement and death gratuity. This benefit will be given on the basis of the same conditions which are already being given to NPS employees. The maximum benefit of gratuity is up to Rs 25 lakh.
Who will get the benefit?
All railway employees appointed before 1 April 2025 can choose this option. To choose this, the employees will have to apply to the concerned department by 30 September 2025.