7th Pay Commission Update: The Modi government has made a significant announcement for central employees. If someone in your family is a central employee and pensioner, then it’s a great thing—the Union Finance Ministry released significant information on Friday.
The ministry stated that if a Central Government NPS account holder or their spouse retires after a minimum of 10 years of service on or before March 31, 2025, they can claim additional benefits under the Integrated Pension Scheme. Employees will reap significant benefits from this. Anyway, this will be in addition to the NPS benefits already claimed. What benefits will government employees receive from this? You can find out in the article below.
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What benefits will the employees get?
Do you know that, according to the scheme, a retired employee choosing the UPS option will receive a lump sum payment equivalent to one-tenth of their last basic salary and dearness allowance for each completed six months of serviceAdditionallyis, the monthly top-up amount under NPS is calculated by deducting the pension amount received under NPS from the admissible UPS payment and demand relief.
Simple interest will also be paid to retired employees as per the applicable PPF rates. Additionally, the last date for claiming by such employees or their spouses is June 30, 2025. In any case, the Integrated Pension Scheme was notified by the Finance Ministry in January.
Which employees will get the benefit of UPS?
UPS will apply to central government employees who are part of the National Pension System and opt for this option. According to the notification, the rate of fully assured payment will be 50 per cent of the average basic salary for the 12 months immediately preceding retirement. According to a report, 23 lakh government employees have been given the option to choose between the PS and NPS.
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