NPS Trust has launched the Unified Pension Scheme (UPS) Calculator

Jyoti — Tue, 27 May 2025 05:29:24 +0000

There is big news for government employees. NPS Trust has launched UPS-Calculator for pension calculation. With the help of this calculator, you can easily calculate how much pension you will get after retirement.

In the calculator, you have to provide information about your date of birth, date of joining the job, retirement age, monthly basic salary, annual salary increment, etc. You can use this calculator by visiting https://npstrust.org.in/ups-calculator .

Information given by the Department of Financial Services

The Department of Financial Services on Tuesday said that government employees can calculate their pension estimate using the Unified Pension Scheme (UPS) Calculator. The Department of Financial Services (DFS) under the Finance Ministry wrote on social media platform ‘X’ that the NPS Trust has introduced the Unified Pension Scheme Calculator.

This calculator provides pension estimates to both NPS (National Pension System) and UPS customers. The department said that this calculator will help shareholders choose the right pension scheme after careful consideration.

Fixed pension will be available under UPS

Considering the demand of government employees, the government had decided to launch the Unified Pension Scheme (UPS). Under this, there is a provision to provide 50 percent of the average basic salary received in the 12 months before retirement as assured pension. PFRDA had said in a statement that the rules related to UPS have come into effect from April 1, 2025. Let us tell you that NPS was implemented on January 1, 2004. The Union Cabinet had approved the launch of UPS on August 24, 2024.

Under the old pension scheme (OPS) implemented before January 2004, employees used to get 50 per cent of their last basic salary of their tenure as pension. Unlike OPS, in UPS, employees have to contribute 10 per cent of their basic salary and dearness allowance, while the employer (Central Government) contribution will be 18.5 per cent. However, the final payout depends on the market returns on the fund, which is mostly invested in government bonds.

The post NPS Trust has launched the Unified Pension Scheme (UPS) Calculator first appeared on Rightsofemployees.com.

Good news! Now you can withdraw pension from any bank in the country, no verification required…

Jyoti — Tue, 12 Nov 2024 04:13:31 +0000

There is big news for lakhs of pensioners of the country. The government has now made such an arrangement that pension can be withdrawn from any bank branch in the country. Apart from this, now there will be no need to go to the bank for verification.

Labor and Employment Minister Mansukh Mandaviya on Friday announced the successful completion of the pilot trial of the new Central Pension Payment System (CPPS) under the Employees and Pensioner Scheme, 1995.

The Labor Ministry statement said that CPPS is a radical change from the existing pension disbursement system which is decentralized, with each zonal/regional office of EPFO entering into separate agreements with only 3-4 banks. Pensioners in CPPS will not need to go to the bank for any verification at the time of commencement of pension and the pension will be credited immediately on issue.

49,000 pensioners benefited

The minister said in a statement that the pilot trial was completed on October 29-30 and more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions were disbursed pensions worth around Rs 11 crore for October, 2024. Earlier, while announcing the new CPPS system, Mandaviya said, ‘CPPS is an important milestone in the modernization of EPMO.

Pension can be withdrawn anywhere in the country, the Union Minister said, by enabling pensioners to draw their pension from any bank, any branch in the country, this initiative solves the long-standing challenges faced by pensioners. and provides a smooth and efficient delivery mechanism. This is an important step in our efforts to transform EPFO into a more robust and technology-enabled organization to better serve the needs of its members and pensioners.

The CPPS system will ensure distribution of pension across India without transferring Pension Payment Orders (PPOs) from one office to another. Even if the pensioner moves from one place to another or changes his bank or branch. This will be a big relief for pensioners who move to their hometowns after retirement and then face a lot of trouble in switching banks.