UPS to NPS: If you are a government employee, then this news can be very special for you. Let us tell you that a notification was issued by the government for central employees on August 25. In this notification, it has been announced that any employee who wants to come back from UPS to NPS can do so. Along with this, it has also been said that employees will be given a chance to switch only once. Giving information in a press release issued on August 25, the Department of Financial Services said that a one-time switch has been started to return to NPS for central government employees who choose the option of UPS under certain conditions.
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Conditions for switching from NPS to UPS
At the same time, employees of people eligible under UPS can switch to NPS only once and cannot return to UPS. There are some conditions for this as well. For example, this switch should be done at least one year before retirement or three months before voluntary retirement, whichever is applicable.
Apart from this, the switch facility will not be permitted in cases of expulsion, dismissal, or compulsory retirement as a penalty or in cases where disciplinary proceedings are going on or proposed. Employees who do not opt for the switch within the stipulated time will remain under UPS by default.
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When is the last date to switch from UPS to NPS?
At the same time, you can apply only till the 30th to switch from UPS to NPS. Through a way switch, you can return to the New Pension Scheme. Employees who choose to remain in NPS cannot opt for UPS after 30 September 2025.
The objective of this initiative is to provide a smooth option to the Central Government employees in planning for financial security after retirement. By choosing the option of UPS, the employee can retain the option to switch to NPS later.