What is the deadline for opting for the UPS?

The previous deadline for opting for the Unified Pension Scheme (UPS) was September 30th, but at the last minute, the government extended it to November 30th. This has given central government employees the opportunity to join the UPS by November 30th. The Finance Ministry has also issued a letter in this regard, stating that the deadline for joining the UPS has been extended by two months. Eligible individuals can now choose their option by November 30th, 2025.

What are the benefits of choosing UPS?

Choosing the Unified Pension Scheme (UPS) will provide significant post-retirement benefits to central government employees. Following this scheme, employees receive a fixed monthly pension, with 50% of their average basic salary for the last 12 months paid as pension.

The biggest advantage of this scheme is that the government invests more than the employee. The government contributes 18.5% of the employee’s salary, while the employee only contributes 10%. Furthermore, the family can also receive a pension. If you work for 10 years, you will receive a minimum pension of ₹10,000.

How many people made the switch?

The central government stated that over 2.3 million central employees have the option to switch from NPS to UPS. However, only 100,000 employees have chosen this option so far. According to PTI, 100,000 central employees had opted to switch from NPS to UPS by the previous deadline of September 30. Consequently, the government has extended the deadline by two months.

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The Modi government has made another big announcement in the interest of central employees. Now all the tax benefits available under the National Pension System (NPS) will also be applicable on the Unified Pension Scheme (UPS). Through this, the government is trying to make UPS more attractive for central employees.

UPS is an alternative to NPS

Earlier this year, the Integrated Pension Scheme was introduced for central employees from April 1, 2025. It has been introduced as an option under the NPS. Existing government employees who are already under NPS have also been given a one-time option to switch to UPS. That is to say, it is not mandatory for central employees enrolled under NPS.

what did the government say

According to the information given by the Finance Ministry, employees choosing UPS will get all the tax benefits that are available under NPS. This includes TDS and other tax benefits, which make this scheme more financially attractive. This decision brings parity between the two schemes and gives a level playing field to employees choosing UPS instead of the traditional NPS.

Features of Integrated Pension Scheme

Unified Pension Scheme (UPS) provides a guaranteed pension. In this, the government gives 18.5 percent of the employee’s basic salary and dearness allowance. At the same time, the employee contributes 10 percent. This scheme has been introduced to replace NPS for new employees of the Central Government and as an alternative to NPS for existing employees. Talking about NPS, it is a retirement benefit scheme launched by the Government of India to provide regular income facility after retirement for all the subscribers.

Deadline to choose the option is 30 September

Recently, the government extended the deadline for employees to exercise their option under UPS by three months to September 30. Earlier, eligible employees, including existing government employees, retired employees and spouses of deceased retired employees, had to exercise their option under UPS by June 30, 2025.

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The press release issued by the government said, “In view of the requests received from stakeholders, the last date for opting for UPS option has been extended by three months to September 30, 2025. This deadline will apply to current employees, pre-retired employees and duly married wives of deceased retired personnel.”

Who got the benefit?

The post UPS vs NPS Deadline extended – Now central employees will get additional time to switch from NPS to UPS first appeared on Rightsofemployees.com.

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.

What is Unified Pension Scheme?

This is a fund-based pension scheme, which has been introduced by the Central Government under the National Pension System. Its purpose is to provide a guaranteed pension to government employees. The Unified Pension Scheme has been introduced for the financial security of government employees. In this, benefits like guaranteed pension, family pension and minimum pension are going to be available after retirement.

What are the terms and conditions of guaranteed pension?

Employees will have to contribute 10 percent of their basic salary and dearness allowance. Along with this, the government will also contribute to it. This will create a fixed retirement fund. It will have a guaranteed monthly pension of at least Rs 10,000. Under this scheme, employees will get a lump sum amount on retirement.

It will be 10% of basic salary and DA

Which will be 10 percent of the last basic salary and DA. If an employee takes voluntary retirement (VRS) after working for 25 years, he will get pension only when his normal retirement age is completed. If the employee dies, his wife/husband will get 60% of the pension. To give you an example, if an employee was getting a pension of Rs 10,000, then his family will get a monthly pension of Rs 6,000.

Who will not get guaranteed pension?

If your job is less than 10 years, then you will not get the benefit of UPS. If you have been dismissed or removed from service, then you will not be eligible for this scheme. Even if you leave the job on your own, you will not get the benefit of UPS.

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Existing and newly recruited employees can apply to join this scheme. Pension Fund Regulatory and Development Authority (PFRDA) has released its notification on Thursday.

Central government employees will be able to apply on the portal from April 1. If the employee wants to get pension under UPS, then he will have to fill the claim form to select the UPS option. If they do not want to choose UPS, then they can choose the option of NPS. Under this, 23 lakh central employees will have to choose one option between UPS and NPS.

Who can apply for UPS?

• A currently employed Central Government employee i.e. a person in service as on April 1, 2025, who is already covered under NPS.
• New employees joining the Central Government service on or after April 1, 2025. They have to opt for this within 30 days of joining.
• Any Central Government employee who was covered under NPS and has retired or has taken voluntary retirement.
• Legally married spouse who has retired or died before exercising the UPS option.

How much will be the contribution in UPS?

According to the notification, the monthly contribution of UPS will be ten percent of the basic salary and dearness allowance on it, which will be deposited in the personal PRAN of the UPS customer. Along with this, the government will also deposit the same amount in PRAN. Apart from this, the central government will also provide an additional contribution of an estimated 8.5% of (basic salary + dearness allowance) for all employees choosing the UPS option.

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The Pension Fund Regulatory and Development Authority (PFRDA) issued its notification on Thursday.

The application process on the portal for central government employees will start from April 1. They will have to fill the claim form to opt for UPS. Through this, more than 23 lakh employees of the central government will get the option to choose between UPS and NPS.

The National Pension Scheme (NPS) was implemented on January 1, 2004, but there was resentment among the employees due to not getting a fixed pension in NPS on the lines of the old pension scheme. Under OPS, 50 percent of the last basic salary of their tenure was given as pension. The demand for restoration of old pension was being made by the employee organizations for a long time. In view of this, the Union Cabinet approved the proposal of UPS on 24 August 2024.

How can I join

1. Existing employees: Existing employees who joined government service after 1 January 2004 and have opted for NPS can opt for UPS. They have to fill Form A2.

2. Newly recruited employees: New employees joining the service on or after April 1, 2025 can also choose this option. They have to fill Form A1.

3. Retired Personnel: Employees who have retired and were associated with NPS can also join UPS. They have to submit Form B2 along with KYC documents.

4. On death of employee: In case of death of the employee, the legally married spouse has to submit Form B6 along with KYC documents.

5. VRS cases: The provision of 25 years of service will be applicable on taking voluntary retirement (VRS). This means that such employees will have to wait till they attain the age of 60 years.

How to apply

Enrolment and claim forms for all categories will be available online on the Protein CRA website (https://npscra.nsdl.co.in). Employees will also have the option to submit the forms physically.

These employees will not be included

According to the notification, UPS or Assured Pay option will not be available in case of removal or termination of service or resignation of the employee.

No change after

It has been clarified in the notification that employees will get the option to choose UPS under NPS. Or continue NPS without UPS option. Once the option is chosen, it cannot be changed.

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Under the scheme, there is a provision to give 50 percent of the average basic salary received in the 12 months before retirement as a guaranteed pension. This notification follows the UPS notification issued by the government on January 24, 2025 for central government employees covered under the National Pension System (NPS).
UPS rules will be applicable from 1 April

PFRDA said in a statement that the rules related to UPS will come into force from April 1, 2025. These rules enable the enrollment of Central Government employees, including employees coming under NPS of existing Central Government in service as on April 1, 2025 and employees recruited in Central Government services on or after April 2025. The enrollment and claim forms for all these categories of Central Government employees will be available online on the website of Protein CRA from April 1, 2025.

Employees also have the option of submitting the form physically. According to the notification, the UPS or assured pay option will not be available in case the employee is removed or terminated from service or resigns. The notification said the rate of full assured pay will be 50 per cent of the average basic pay of 12 months immediately preceding retirement and subject to a minimum qualifying service of 25 years.

There will be an option to choose UPS and NPS

The notification will give 23 lakh government employees the option to choose between UPS and NPS. NPS came into effect on January 1, 2004. The Union Cabinet had approved the introduction of UPS on August 24, 2024. Under the Old Pension Scheme (OPS) effective before January 2004, employees used to get 50 per cent of their last basic salary of their tenure as pension.

Unlike OPS, UPS is contributory in nature. Employees have to contribute 10 per cent of their basic salary and dearness allowance, while the employer (central government) contributes 18.5 per cent. However, the final payout depends on the market returns on the funds, which are mostly invested in government bonds.

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The post PFRDA notifies UPS new rules, applicable from April 1, 2025 ; Check eligibility, contribution, retiral benefits & more first appeared on Rightsofemployees.com.

One such rule is related to the pension of central employees. Actually, the Unified Pension Scheme (UPS) is going to be implemented from April 1. This is a new pension scheme launched by the Government of India for central employees. It was approved by the Union Cabinet in August 2024, which will now come into effect from April 1, 2025. Its implementation is expected to benefit about 23 lakh central employees.

What is Unified Pension Scheme

The central government has tried to provide an option for central government employees under this scheme. This scheme will be available as an option under the National Pension System (NPS), in which employees can choose between NPS and UPS.

Special things about UPS

There is a provision of fixed pension in this scheme. Employees who have completed 25 years or more of service will get 50% of the average basic salary of the last 12 months before retirement as pension. At the same time, employees with 10 to 25 years of service will get pension in proportion to the service period. Apart from this, employees who have completed a minimum of 10 years of service are guaranteed a pension of at least Rs 10,000 per month.

Family Pension

Talking about family pension, on the death of a central government employee, his family will get 60% of the employee’s pension. Employees will contribute 10% of their basic salary in the scheme. At the same time, the government’s contribution will be 18.5%. Let us tell you that the government will contribute 14% in NPS. This scheme is applicable for central government employees included in NPS, who choose it. At the same time, employees with a minimum of 10 years of service will be entitled to a fixed minimum pension.

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UPS for central government employees from April 1, 2025. This scheme will work as an alternative to the existing National Pension System (NPS) and aims to provide better financial security to the employees after retirement.

What is Unified Pension Scheme?

The Unified Pension Scheme is a new structure designed to provide more stable and reliable pension benefits than the National Pension System (NPS). Under this scheme, employees will get a pension of 50% of their last salary.

NPS VS New UPS

NPS- NPS is market based, which means the pension amount depends on market conditions. Employee’s contribution is 10%, and government’s contribution is 14%.

UPS- Unlike NPS, UPS is not market based and guarantees a pension of 50% of the last salary. The government’s contribution has increased to 18.5%, while the employee’s contribution will remain the same. Please note that at least 10 years of service is required to get pension through UPS.

Who is eligible for Unified Pension Scheme?

The Unified Pension Scheme is currently available to all central government employees under NPS and are willing to switch to the new scheme.

Why was this decision taken?

In April 2023, a panel headed by Finance Secretary TV Somanathan recommended restructuring of the NPS. This led to the creation of the Unified Pension Scheme, aimed at providing greater financial security to government employees.

When will the Unified Pension Scheme become effective?

The Unified Pension Scheme will be effective from April 1, 2025. According to Cabinet Secretary TV Somanathan, UPS will be more beneficial for employees in 99% of cases, although some exceptional cases may remain under NPS. Let us tell you that this decision of the government will benefit about 23 lakh government employees and 12 lakh pensioners. The Unified Pension Scheme is expected to reduce their financial worries during retirement, improve their overall lifestyle.

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The post 7th Pay Commission: Centre government is going to implement a new rule for employees next month, Check Details first appeared on Rightsofemployees.com.

UPS for central government employees from April 1, 2025. This scheme will work as an alternative to the existing National Pension System (NPS) and aims to provide better financial security to the employees after retirement.

What is Unified Pension Scheme?

The Unified Pension Scheme is a new structure designed to provide more stable and reliable pension benefits than the National Pension System (NPS). Under this scheme, employees will get a pension of 50% of their last salary.

NPS VS New UPS

NPS- NPS is market based, which means the pension amount depends on market conditions. Employee’s contribution is 10%, and government’s contribution is 14%.

UPS- Unlike NPS, UPS is not market based and guarantees a pension of 50% of the last salary. The government’s contribution has increased to 18.5%, while the employee’s contribution will remain the same. Please note that at least 10 years of service is required to get pension through UPS.

Who is eligible for Unified Pension Scheme?

The Unified Pension Scheme is currently available to all central government employees under NPS and are willing to switch to the new scheme.

Why was this decision taken?

In April 2023, a panel headed by Finance Secretary TV Somanathan recommended restructuring of the NPS. This led to the creation of the Unified Pension Scheme, aimed at providing greater financial security to government employees.

When will the Unified Pension Scheme become effective?

The Unified Pension Scheme will be effective from April 1, 2025. According to Cabinet Secretary TV Somanathan, UPS will be more beneficial for employees in 99% of cases, although some exceptional cases may remain under NPS. Let us tell you that this decision of the government will benefit about 23 lakh government employees and 12 lakh pensioners. The Unified Pension Scheme is expected to reduce their financial worries during retirement, improve their overall lifestyle.

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This scheme will be implemented from April 1, 2025. The aim of this scheme is to provide more secure pension service to the employees. According to the notification issued by the government, once an employee opts for UPS, he will not be able to go back to NPS. This scheme is not only for Central Government employees, but State Governments can also implement it for their employees if they want.

Pension and benefits

Under the Unified Pension Scheme, 50% of the average basic pay of the last 12 months preceding retirement will be given as pension, provided the employee has completed at least 25 years of service. If the employee has completed 10 to 25 years of service, then a minimum monthly pension of Rs. 10,000 will be given. Employees taking voluntary retirement, who have completed 25 years of service, will start getting this pension from the same age at which they used to take normal retirement. In case of death of the pensioner, the family will get 60% of the pension.

There will be relief from inflation.

The government has made it clear that pension, family pension and minimum pension will be linked to dearness relief. This will be beneficial as inflation will not affect pensioners.

Lump sum on retirement

At the time of retirement, employees will get an additional amount in addition to gratuity. This amount will be 1/10th of the basic salary and dearness allowance for every six months of complete service. This lump sum will not have any impact on the pension.

Pension Fund and Contributions

Two funds will be created under the Unified Pension Scheme.

Individual Corpus: In this, there will be equal contribution from the employee and the central government.

Pool Corpus: The government will make an additional contribution to this. Employees will have to contribute 10% of their basic salary + Dearness Allowance (DA), which will be deposited in equal proportion by the government. In addition, the government will contribute an additional 8.5% to the pool fund.

Investment options

Employees will have the freedom to choose the investment option for their personal funds. If an employee does not choose the option, the default investment plan prescribed by the Pension Fund Regulatory and Development Authority (PFRDA) will apply.

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The post New Pension Scheme will be implemented from 1 April 2025, pension of Rs 10000 will be given monthly first appeared on Rightsofemployees.com.

There is a constant discussion about UPS that what is special in this new scheme. How much will the pension be? Who will get the benefit and how? If you also have such questions in your mind, then in this article we are telling you the answers to all these…

Who can take advantage

According to the gazette notification issued by the Finance Ministry, UPS will be applicable from April 1, 2025 for those central government employees who are covered under the National Pension System (NPS) and those who opt for it under NPS. 23 lakh government employees will get the option to choose between UPS and NPS. Existing central employees under NPS, as well as future employees of the central government on the date of implementation of UPS, can either opt for UPS under NPS, or go with NPS without UPS.

How much pension is promised

Under the Unified Pension Scheme, 50% of the average basic pay earned by the employee in the 12 months before his retirement is promised as a full assured pension after retirement. According to the notification, assured pension will not be available in case the employee is removed or dismissed from service or resigns. The rate of full assured payment will be 50% of the average basic pay of the 12 months just before retirement. But for this, the employee must have a minimum service of 25 years.

If the minimum service of the employee is less than 25 years, there will be pension under UPS but it will be less. If the service of the employee is 10 years or more, then a minimum pension of Rs 10,000 per month will be guaranteed.

How to get benefit

If any employee covered under NPS, who is in service on the date of implementation of UPS, and exercises the UPS option, the funds available in the Permanent Retirement Account Number of the employee will be transferred to the employee’s personal fund under UPS.

Government’s contribution in pension will increase

At present, the government’s contribution to the pension of a central government employee is 14%. UPS will increase this contribution of the government to 18.5%. At the same time, employees will have to deposit 10% of their basic salary and dearness allowance in UPS.

What will happen in case of voluntary retirement and death

If a government employee takes voluntary retirement after completing a minimum qualifying service period of 25 years, then the assured payout of pension under UPS will start from the date on which the employee retires. But this will happen only if the employee’s service has been continuous. If the beneficiary dies after retirement, then the legally married spouse of the employee will get family pension at the rate of 60% of the payout approved just before his death.

Dearness relief will be available on pension

Dearness Relief (DR) will be available on assured pension or family pension under UPS. Dearness Relief will be calculated in the same manner as the dearness allowance applicable to serving employees.

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The post Unified pension scheme is going to be implemented from April 1, Check All Details first appeared on Rightsofemployees.com.

VRS will be available only after 25 years of service in UPS. Not only this, after this the employee will have to wait till the age of sixty years for pension. If an employee retires at the age of 45, then he will have to wait for 15 years for pension.

Patel said, employees demanding restoration of old pension will be included in the Unified Pension Scheme based on their choice. If the employee chooses Unified Pension Scheme as an option, he will get the benefit of assured pension. National Pension System i.e. NPS will continue as before. No change has been made in it.

cThe Unified Pension Scheme will be applicable only to those employees who retire after completing at least 10 years of qualifying service. All such employees will be given 50 per cent of the average of the last 12 months as pension. It will also include dearness allowance, but in lieu of this, the employee contribution taken under NPS will also go to the government account. In lieu of the said contribution, the government will return one-tenth of the salary to the employees every six months in the form of a lump sum amount.

The post Central government released Unified Pension Scheme Gazette – Key Details Inside first appeared on Rightsofemployees.com.

Along with this, the demand to increase the minimum pension of employees retiring from the private sector to Rs 7500 has gained momentum. The organization of pensioners of private employees has been demanding an increase in pension for a long time. In connection with this demand, the representatives of the organization have met Finance Minister Nirmala Sitharaman.

Government is sensitive towards the needs of the elderly

During the meeting with the Finance Minister, a demand was made to increase the minimum pension to Rs 7,500 per month. According to the committee, Sitharaman assured that the government is sensitive to their needs and will try to find a way to meet their demand. The EPS-95 National Struggle Committee (NAC) includes about 78 lakh retired pensioners and 7.5 crore working employees of the industrial sector. The committee said in a statement, the Finance Minister has assured the delegation that the government is sensitive to the needs of the elderly and is seriously considering the proposal put forward by the EPFO.

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According to the pension

committee, the Finance Minister reiterated his assurance that the government is committed to ensuring financial security for pensioners and a solution will be found. Union Labor and Employment Minister Mansukh Mandaviya met EPS-95 NAC representatives this month and assured them that the government would take necessary steps to meet their demand. EPS-95 NAC members are currently protesting demanding a monthly pension of Rs 7,500 instead of the average monthly pension of only Rs 1,450.

36 lakh pensioners are getting less than Rs 1000

The committee also demands that medical facilities should also be provided to EPS members and their life partners. EPS-95 NAC President Ashok Raut said that pensioners have been demanding an increase in the minimum pension for the last eight years, but the government has not paid attention to their demands. The body had also informed recently that 36 lakh pensioners are getting less than Rs 1,000 pension every month. Raut says that despite making long-term contributions to the regular pension fund, pensioners get very little pension.

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At present, government employees get the facility of NPS. Let us know what are the 6 big features of UPS?

1- In UPS, the employee will get pension equal to 50 percent of the average salary of the last year after 25 years of service. The contribution of employees for UPS has been kept equal to 10 percent of the current system of NPS, while the government has decided to increase its contribution from 14 percent to 18.5 percent.

Provision for retired employees as well

2- All the employees who joined service after 2004 and have retired or will retire by April 1, 2025 will also get the opportunity to choose this option. Such retired employees will be paid the outstanding amount along with interest after re-examining their retirement benefits.

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Dearness allowance will be available in UPS

3- If an employee has worked for a minimum of 25 years, then at least 50 percent of the average basic salary of the last 12 months immediately before retirement will be given as pension. Along with this, dearness relief (DR) will be given at the same rate at which dearness allowance is given. In UPS also, the retired employee will get the benefit of inflation indexation like the serving employee.

Pension system for family as well

4- If a pensioner dies, then his family will get 60 percent of the pension received by the deceased at the time of death. DR will also be given at 60 percent on this

You will also get lump sum money

5- Under UPS, apart from the gratuity amount, another lump sum amount will be given on retirement. This amount will be given on retirement by adding one-tenth of the monthly salary (salary DA) for every six months of service.

Provision of minimum pension has also been made

6- If someone leaves the job after working for a minimum of 10 years, then he will get a minimum pension of ten thousand rupees. Those who have worked for more years will get more pension in the same proportion. Please note, the option of choosing UPS from NPS will be available to employees only once.

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The post All You Need to Know About the Unified Pension Scheme first appeared on Rightsofemployees.com.

The central government made a big announcement last Saturday and announced the launch of the Unified Pension Scheme. Earlier it was being considered a way between NPS and OPS, but on Tuesday the Finance Minister clarified that it is different and better than NPS. Now people have a question in their mind that how is it so? Let us understand through calculation that if someone’s salary is Rs 50,000 per month, then how can one get more pension through UPS than NPS.

What is special in UPS?

To understand the whole calculation, first of all it is important to know what is special in the Unified Pension Scheme introduced by the government, which makes it different from NPS. So let us tell you that full pension will be available only when an employee has completed 25 years of service. The pension amount will be 50% of the average basic salary of the last 12 months. Apart from this, there is also a provision of minimum assured pension in UPS, under which a pension of at least Rs 10,000 per month will be confirmed after working for 10 years. In the family pension category in UPS, 60 percent of the pension will be given to the family on the death of the employee. Along with all these pensions, the benefit of dearness relief i.e. DR is also available.

This is the big difference between NPS-UPS

Talking about the big difference between the National Pension Scheme and Unified Pension Scheme, where in NPS the employee contributes 10 percent of his salary and the contribution given by the government is 14 percent, the total amount deposited in the NPS account is equal to 24 percent of the employee’s salary. On the other hand, in UPS, the employee contributes only 10 percent, but the contribution from the government is not 14 percent, but 18.5 percent. Overall, 28.5 percent of the salary will be deposited in the UPS account.

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Calculation of pension

Now let’s talk about how an employee can get more pension through UPS than NPS. So let’s understand this on the basis of a calculation.

On the basis of a salary of Rs 50,000 in NPS, the employee’s monthly contribution will be Rs 5,000 at the rate of 10 percent and 14 percent of this will be Rs 7,000 to the government. This will make the amount deposited in the NPS account Rs 12,000. National Pension Scheme is a scheme linked to the stock market, in which on making contribution, up to 60 percent of the amount is given as lump sum at the time of retirement and the remaining 40 percent amount is given as annuity. Let us assume that it gives 8% return and the deposit increases by 3% annually and the annuity gives 6% return, then in 35 years the total fund in NPS will be Rs 3,59,01,414. Out of this, annuity of around Rs 1.43 crore will have to be purchased. According to this, you will get Rs 77,000 as pension every month. Let us tell you that due to being market linked, the return can increase or decrease.

Pension will be made in this way in UPS

At the same time, the entire fund of the account in UPS will remain with the government. In return, the employee will be given 10% of the salary in lump sum on completion of every 6 months of service. There will be 70 half-years in a 35-year job. If we consider the average salary of Rs 50,000, then Rs 30,000 will be given for every half-year. In this way, on completion of 60 years, a total of Rs 21 lakh will be received in lump sum. However, this amount will also increase with the increase in salary. Apart from this, the pension will be 50 percent of the average basic salary of the last 12 months.

If we calculate 35 years of service, the starting salary is Rs 50,000 and suppose by the last 12 months of service your basic salary becomes Rs 1,00,000, then your pension amount will be Rs 50,000 per month and if 50% dearness relief (DR) is added to it as per the current rate, then the total pension becomes around Rs 100000. In such a situation, UPS will give more pension than NPS. It is better for those who retire soon, but they will not get the return through investment like NPS.

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After the necessary pension reform through the Unified Pension Scheme (UPS) in government jobs, now good news can come for the employees of the private sector as well. It has been proposed to increase the wage ceiling for the calculation of provident fund and pension contribution under the Employees’ Provident Fund Organization ( EPFO ). Sources have said that the Finance Ministry may soon take a decision on the proposal received from the Labor Ministry. In this proposal, the Labor Ministry has recommended increasing the salary ceiling from the current Rs 15,000 to Rs 21,000.

Pension and EPF contribution will have a direct impact

According to sources, “The proposal (to increase the salary limit for EPF contribution) was sent in April and the finance ministry will take a final decision on it soon.” The Employees’ Pension Scheme (EPS), managed by the EPFO, has a salary limit of Rs 15,000 for pension calculation from September 1, 2014. However, the proposed hike could provide much-needed relief and better benefits to private sector employees. If the proposal to increase the salary limit from Rs 15,000 to Rs 21,000 is approved, it will have several significant implications on the pension and EPF contributions of private sector employees.

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How is EPS pension calculated

A special formula is used to calculate EPS pension. This formula is – Average salary x pensionable service / 70. Let us tell you that here average salary means the employee’s ‘basic salary’ + ‘dearness allowance’. Apart from this, the maximum pensionable service is 35 years. Currently, the current salary limit (pensionable salary) is Rs 15,000. Now if we calculate with these figures, then the EPS pension is currently Rs 15,000 x 35 / 70 = Rs 7,500 per month.

In-hand salary will decrease

If the salary limit is increased from Rs 15,000 to Rs 21,000, then the pension received by the employees will be Rs 21,000 x 35 / 70 = Rs 10,050 per month. That is, after the new rules, the employees will get an extra pension of Rs 2550 every month. However, one more thing to note here is that after the new rules, the in-hand salary of the employees will decrease slightly because after the implementation of the new rules, there will be more deductions for EPF and EPS from the employee’s salary than now.

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Under the UPS scheme, employees are guaranteed 50 percent of their average basic salary as pension in the last 12 months before retirement if they have a minimum qualifying service of 25 years. The amount received in NPS depends on the returns from the market.

How will the pension be decided

The Union Cabinet has recently approved the UPS scheme. In this scheme, pension will be decided on a proportionate basis for a minimum service period of 10 years. Also, a pension of Rs 10,000 per month has also been ensured on retirement after a minimum service of 10 years. This scheme has been brought to address the concerns of government employees related to NPS. NPS was implemented from January 1, 2004. Earlier, under the Old Pension Scheme (OPS), employees used to get 50 percent of their last basic salary as pension.

Who contributes how much to the pension

However, unlike the old pension scheme, UPS is a contributory scheme in which employees will have to contribute 10 per cent of their basic salary and dearness allowance. The employer’s (central government) contribution will be 18.5 per cent. Under NPS, the employer’s contribution has been kept at 14 per cent while the employee’s contribution is fixed at 10 per cent. Despite this, the final payment to the employee under NPS depends on the market return of the fund, which is mostly invested in government loans.

This was the arrangement in OPS

Under the OPS, which was in force till December 2003, government employees were not required to make any contribution. However, they used to contribute to the General Provident Fund (GPF). The deposited amount was given at the time of retirement of the employee along with interest. Compared to OPS, NPS did not become a center of attraction among the employees. In such a situation, some non-BJP ruled states decided to go back to the old pension scheme, which provided benefits related to dearness allowance (DA).

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Many states had implemented OPS

Amid growing pressure to implement OPS, the Centre had in April 2023 constituted a committee headed by former finance secretary and current Cabinet Secretary-designate TV Somanathan to suggest improvements in the NPS structure. The Union Cabinet approved UPS on August 24, meeting the long-pending demands of government employees ahead of assembly elections in some states.

Only 23 lakh people will get UPS

UPS will provide assured pension to 23 lakh eligible central government employees. However, those who opt for UPS will not be able to go back to NPS. UPS is expected to put an additional burden of Rs 6,250 crore on the government treasury every year. However, due to changes in the number of employees, the expenditure on this will vary every year. Apart from this, employees retiring before March 31, 2025 are to be paid an outstanding amount of Rs 800 crore under NPS. If these retired employees opt for UPS, they will get the outstanding amount.

UPS can be available for Rs 90 lakh

Information and Broadcasting Minister Ashwini Vaishnav on Sunday said on the social media platform X that 23 lakh central government employees will benefit from UPS. He said that if the states also adopt the UPS framework, then a total of more than 90 lakh government employees who are currently part of NPS will benefit from it. The Maharashtra government, which is going to face assembly elections later this year, has announced the adoption of UPS for its employees. It has become the first state in the country to do so.

Labor union opinion on UPS

RSS-affiliated Bharatiya Mazdoor Sangh (BMS) said that by introducing UPS, the government has tried to overcome the shortcomings of NPS, but there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of UPS after it is notified. Trade union All India Trade Union Congress (AITUC) said that it is just an extension of the existing NPS. It feared that there will be many anomalies in UPS after its implementation. It said that it will continue to fight for the restoration of non-contributory OPS.

What does ICRA agency say

Aditi Nair, chief economist at rating agency ICRA, said the provision of assured pension would increase the government’s committed expenditure in the future but reduce uncertainty for employees. Dorothy Thomas, partner at Shardul Amarchand Mangaldas & Co, said UPS represents a thoughtful approach to long-term social security, which addresses concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic scenario.

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Under UPS, employees who work for 25 years or more will get half the pension of the average salary of the last 12 months every month after retirement. If someone works for less than 25 years, then he will be given pension accordingly. But under this it is necessary to work for at least 10 years.

Under UPS, the employee and his family will also get the benefit of family pension. If a government employee dies during the job or after retirement, then his wife / husband will get pension. This pension will be 60% of the money that the employee was getting.

Under UPS, the government has also guaranteed an assured minimum pension. Employees who have served for at least 10 years will get a pension of at least Rs 10,000 every month on retirement. If your job is for 15 years, then this amount of pension will increase in the same ratio.

Under UPS, you will also get the benefit of inflation indexation. Like the old pension scheme, in this, the pension and family pension of retired employees will increase according to inflation.

Just as the government gives the benefit of dearness allowance to those who are currently employed when inflation increases. Similarly, if people retire under the Unified Pension Scheme (UPS), they will also get dearness allowance. That is, if things become expensive, then their pension will also increase accordingly.

Also Read- Unified pension scheme: These 5 things about UPS make it special from NPS, check here

When an employee retires, he will be given the benefit of some lump sum money by the government. Employees will get similar benefits under OPS as well. The lump sum money will not affect the employee’s pension.

Under NPS, the employee used to contribute 10 percent of the basic salary and the government used to contribute 14 percent. But now under UPS, the government’s contribution has increased to 18.5 percent.

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He announced this in a press conference on Saturday and said that concerns have been raised about the social security of government employees and pension is an important part of it.

He talked about the demand of government employees for reforms in the National Pension System (NPS) and said that the government was considering it and now the government has approved UPS. Union Minister Ashwini Vaishnav said that 23 lakh central government employees will benefit from the Unified Pension Scheme. Let us tell you that under UPS, the government has implemented five provisions which make it special. Let us know what are these 5 things.

5 things about UPS make it special from NPS:

First – At least 50% fixed pension

Employees had been demanding for a long time that they should get a fixed amount as pension. This amount will be 50% of the average basic salary of the 12 months just before retirement. The condition for this is that the employee will have to complete 25 years of service.

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Second- Fixed Family Pension

In NPS, the amount of pension to be received by the family on the death of the employee was not fixed. Whereas in UPS, in case of death of an employee while in service, the family will get 60 percent of the pension.

Third part- Minimum Fixed Pension

The minimum pension amount to be given to a retired employee in UPS has also been fixed. In case of minimum service of 10 years, the employee will be given at least Rs 10,000 per month as pension.

Fourth- Arrangement according to inflation

In the Unified Pension Scheme, pension has been linked with inflation. Employees will also get the benefit of inflation indexation along with pension. This arrangement is exactly like the dearness allowance given to the serving employees at present. That is, with the increase in inflation, the government will increase the pension.

Fifth- Apart from gratuity, a lump sum amount will be given on leaving the job.
The government will give 10% of the salary and DA of each employee for every 6 months of service as a lump sum amount after retirement. This amount will not affect the fixed pension of the employees.

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This has been identified as the Unified Pension Scheme (UPS). Now there are many questions in the minds of central employees, let us answer those questions sequentially.

What is Unified Pension Scheme (UPS)?

Under this scheme, government employees will now be entitled to get 50 percent of the average basic salary received in the last 12 months before retirement as pension. The minimum service period for getting 50 percent of the salary as pension should be 25 years. However, pension will be given proportionately for a minimum service period of up to 10 years.

Who is the scheme for?

The National Pension System (NPS) is applicable to all central government employees who joined service after April 1, 2004. All the employees who joined service after 2004 and have retired or will retire by April 1, 2025 will also get the opportunity to choose this option. This pension scheme provides benefits based on contributions instead of the defined benefit applicable to employees before NPS.

How is it different from NPS?

The employees’ contribution for UPS has been kept at the same rate as the current system of NPS at 10 percent, while the government has decided to increase its contribution from 14 percent to 18.5 percent. Along with this, Dearness Relief (DR) will be given at the same rate at which dearness allowance is given. In this way, half of the total salary pension will be given in UPS in proportion to the pension received under the old pension scheme.

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This pension scheme also has provisions for family pension, guaranteed minimum pension and lump sum payment after retirement. However, all these features are not available in NPS.

When will it be implemented?

The new scheme is effective from April 1, 2025. As soon as it is implemented, NPS account holders can opt for the Unified Pension Scheme i.e. UPS. By implementing UPS, the government will have to spend about Rs 800 crore in the current financial year as arrears, while about Rs 6250 crore will be spent for UPS.

What about family pension?

Similarly, if a pensioner dies, his family will get 60 percent of the pension received by the deceased at the time of death. DR of 60 percent will also be given on this. If someone leaves the job after working for a minimum of 10 years, then he will get a minimum pension of ten thousand rupees. Those who have worked for more years will get more pension in the same proportion.

What about gratuity?

Under UPS, apart from the gratuity amount, another lump sum amount will be given on retirement. This amount will be given on retirement by adding 10th part of the monthly salary (salary DA) for every six months of service.

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The government will contribute 18.5 percent for the Unified Pension Scheme. It also has provisions for family pension, guaranteed minimum pension and lump sum payment after retirement. Union Minister Ashwini Vaishnav said about this scheme, ‘The government contributes 14 percent on its behalf in NPS, which has been increased to 18.5 percent. Employees will have the option to choose from NPS to UPS only once.’

Ashwini Vaishnav said, ‘Today the Union Cabinet has approved the Unified Pension Scheme (UPS) for government employees. 50% assured pension is the first objective of this scheme. The second focus is on assured family pension. About 23 lakh employees of the central government are going to benefit from this integrated pension scheme. The special thing is that employees will have the option to choose between NPS and UPS. ‘ He said that government employees had demanded some changes in the new pension scheme. Regarding this, PM Modi constituted a committee under the chairmanship of Cabinet Secretary TV Somanathan. This committee held more than 100 meetings with various organizations and almost all the states.

‘UPS will be implemented in future’

The Union Minister said, ‘There is a difference in the way PM Modi and the opposition work. Unlike the opposition, Narendra Modi believes in large-scale consultation. Detailed discussions were held with everyone including the Reserve Bank of India and the World Bank in this matter. After this, the committee has recommended the Integrated Pension Scheme.’ He said that today the Union Cabinet has approved this scheme, which will be implemented in future.

Prime Minister Narendra Modi posted on Twitter and said, ‘We are proud of all the government employees who work hard for the progress of the country. The Unified Pension Scheme (UPS) will ensure dignity and financial security of these employees. This step reflects our government’s commitment to their welfare and secure future.’

NPS had become an election issue

It is worth noting that NPS had become an election issue for government employees. During the last few elections, Congress and other opposition parties had promised to end this scheme and implement the old scheme. Ashwini Vaishnav clarified that employees’ contribution will be included in both NPS and UPS. Government employees will not have to make any additional contribution on their behalf in UPS. Only the government’s contribution is being increased in this.

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