Unified Pension System: If you are a retired employee of the Central Government and have been a subscriber of the ‘New Pension System’ (NPS), then this news is no less than a bumper lottery for you. The Finance Ministry has announced an unprecedented gift for you, which will make your life after retirement even more comfortable and secure.
Under the ‘Unified Pension System’ (UPS), those retired employees of NPS who have worked for at least 10 years will get additional benefits. This is an excellent initiative that will strengthen the financial security of retired employees. Know what are these three big benefits, how you can take advantage of them, and the last date to apply is 30 June 2025.
What is UPS Yojana
The Finance Ministry has issued a release in this regard on Friday. It states that those employees of the Central Government who have retired on or before March 31, 2025, and who were subscribers of NPS can claim additional benefits (UPS benefits for retired government employees) under the ‘Unified Pension System’ (UPS).
This will be in addition to the benefits claimed under NPS. For this, the employee must worked for at least 10 years. In the event of the death of the employee, his wife (or husband) can claim it. This will provide financial security to retired life.
Three types of additional benefits
According to the Finance Ministry, there will be three types of additional benefits:
Lump sum payment
One-tenth of the last basic and dearness allowance (DA). This will be for every six months of service. If someone has worked for 10 years, he will get money for 20 (20) half-years. This will provide a significant lump sum amount.
Monthly top-up amount
This will be calculated as follows (UPS pay-out + dearness relief – annuity amount under NPS). This will be an additional source of regular income.
Public Provident Fund
Outstanding amount based on the interest rate available under the Public Provident Fund (PPF). This will provide an additional return on investment.
These three benefits together will provide a comprehensive financial safety net to retired employees.
How to avail Benefit under UPS
According to the Finance Ministry, this benefit can be availed in two ways:
Physical mode
That is, you can directly go to the office and submit the form! The form number for an employee is B2 and for a spouse is B4/B6! You can also download the form from here: www.npscra.nsdl.co.in/ups.php
Online
You can also fill out this form online: – www.npscra.nsdl.co.in/ups.php
The claim deadline for the UPS scheme is June 30, 2025! Applying on time is extremely important.