Unified Pension Scheme: If you are a central employee then this news is very special for you. Actually, a new scheme will be implemented from the first date of next month, which will benefit about 23 lakh central employees. The name of this scheme is Unified Pension Scheme (UPS). This scheme will become effective from 1 April 2025. For your information, let us tell you that this is a pension scheme started for central employees.
PFRDA issued notification
On Thursday, the Pension Fund Regulatory and Development Authority (PFRDA) has issued a notification regarding the implementation of this scheme. In a statement issued by PFRDA, it has been told that the rules related to this scheme will be considered effective from 1 April 2025. This scheme has been introduced to strike a balance between the fiscal policy of the government and employee benefits. Under this, the employee will be given 50% of the average basic salary of 12 months before retirement as assured pension.
Employees will have the option
Employees who have a service period of at least 10 years will be given a minimum pension of ₹ 10,000 every month. However, no specific minimum pension amount was mandatory under the Old Pension Scheme (OPS). According to the old rules, employees were given 50% of their last salary as pension. Now employees will be given the option to choose either NPS or Unified Pension Scheme (UPS).
How to get enrolled
On the death of central employees, their family will be given 60% pension under family pension. Under this scheme, employees will contribute 10% of their basic salary, while the government will contribute 18.5% to it. At the same time, the government contributes 14% in NPS. Employees who want to enroll for this scheme can apply online from April 1, 2025 through npscra.nsdl.co.in. Apart from this, they can also submit their documents physically.