If you are a central government employee, then this news is useful for you. Actually, the central government has launched the Unified Pension Scheme (UPS) calculator for its employees. Through this, government employees can calculate their pension estimate.
For both UPS and NPS
The Department of Financial Services (DFS), under the Finance Ministry, wrote on the social media platform X-NPS Trust has introduced the Unified Pension Scheme Calculator. This calculator provides pension estimates to both NPS (National Pension System) and UPS subscribers. The department said that this calculator will help the subscribers to choose the right pension scheme after thinking carefully.
UPS rules applicable from April 1
Let us tell you that the rules related to UPS have come into force from April 1, 2025. These rules enable the enrollment of Central Government employees, including employees coming under the NPS of the existing Central Government in service as on April 1, 2025 and employees recruited in Central Government services on or after April 2025.
Features of UPS
This pension scheme has assured pension. The rate of full assured payment will be 50 per cent of the average basic pay of 12 months immediately before retirement and subject to minimum qualifying service of 25 years. The family will get 60 per cent of the pension of the employee immediately before his death. There is a guaranteed pension of Rs 10,000 per month on retirement after a minimum of 10 years of service. There is also a provision for lump sum payment on retirement in addition to gratuity.
Let us tell you that in UPS, employees will have to contribute 10 percent of their basic salary and dearness allowance, while the employer (Central Government) will contribute 18.5 percent. UPS or assured payment option will not be available in case of removal or dismissal or resignation of a central employee from service.
