UT admn allows regular employees to opt for Unified Pension Scheme
Chandigarh: There is good news for regular employees of Chandigarh administration. They can now opt for the
Unified Pension Scheme
. The UT has adopted a ministry of finance notification, which states that the Centre has decided to introduce the UPS as an option under the
National Pension System
for its employees covered under NPS.
The UT has adopted the said notification in respect of its employees, who were appointed on or after Jan 1, 2004, and are covered under the NPS.
In a letter to administrative secretaries, the UT finance department stated, "It is requested that the notification may be brought to the notice of all regular employees working under your control for information and necessary action. The above notifications are available on the official website of the Chandigarh Administration, i.e.,
Chandigarh.Gov.in, and can be downloaded for reference and further necessary action accordingly.
"
The Centre launched the option of UPS for its employees on April 1. UPS provides an assured pension contingent upon certain conditions. It guarantees a fixed pension for govt employees upon retirement, unlike the NPS, which provides a pension amount that is not pre-fixed but is based on the corpus accumulated at retirement and the annuity purchased. In comparison, UPS offers an assured pension amounting to 50% of the average basic pay drawn over the past 12 months before superannuation for a minimum qualifying service of 25 years.
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