&w=3840&q=100)
Extra pension perks? UPS has something for NPS retirees and spouses
The Pension Fund Regulatory and Development Authority (PFRDA) has announced benefits under the Unified Pension Scheme (UPS) for central government employees who retired under the National Pension System (NPS) on or before March 31, 2025. These benefits also extend to their spouses.
Who is eligible for Unified Pension Scheme (UPS)?
According to a recent notification by the Department of Financial Services and UPS Regulations, 2025:
The scheme covers Central Government employees who retired on or before March 31, 2025.
They must have completed a minimum of 10 years of qualifying service,
'Legally wedded' spouses of such retirees are also eligible for the benefits.
These UPS benefits are over and above the existing NPS entitlements, including annuities.
Key benefits under Unified Pension Scheme (UPS)
A one-time payout equivalent to one-tenth of the last drawn basic pay plus dearness allowance (DA) for each completed six months of qualifying service.
Monthly top-up amount
A fixed monthly benefit calculated as:
(Admissible UPS payout + dearness relief) – Representative annuity amount under NPS.
Interest on arrears
Simple interest will be paid on arrears of the above amounts, calculated at the applicable Public Provident Fund (PPF) rates.
Note: Sample calculations are available in Schedule VII of the PFRDA UPS Regulations, 2025.
How to claim benefits of Unified Pension Scheme (UPS)
Applicants can choose between physical or online modes:
Offline submission
Download the relevant form (Form B2 for subscribers, B4/B6 for spouses) from www.npscra.nsdl.co.in/ups.php
Submit the completed form to the Drawing and Disbursing Officer (DDO) of the office where the subscriber last served.
Online submission
Visit the same website
Fill and submit the online form directly to the DDO for processing.
Important deadline for Unified Pension Scheme (UPS)
Application Window: April 1, 2025 to June 30, 2025
No claims will be accepted after this period.
PFRDA conducts webinars to help retirees and their families understand the scheme better. Details are available on the official PFRDA website.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
India Today
2 days ago
- India Today
NPS pensioners to get more benefits under Unified Pension Scheme. Details here
In a major relief for retired central government staff, the Finance Ministry has announced extra benefits under the Unified Pension Scheme (UPS). This is especially for those who have retired under the National Pension Scheme (NPS) on or before March 31, CAN GET THESE BENEFITS?If you're a central government employee who retired under the NPS and has completed at least 10 years of service, you are eligible. If the retiree has passed away, their legally wedded spouse can also claim UPS benefits will be given in addition to your existing NPS pension. As per a press release dated May 30, 2025, 'The Central government NPS subscribers who retired on or before 31/03/2025 with minimum 10 years of qualifying service or their legally wedded spouse can claim the following additional benefits under Unified Pension Scheme (UPS), over and above the NPS benefits already claimed.'WHAT ARE THE ADDITIONAL BENEFITS?Eligible NPS retirees can either get a one-time payment based on their last drawn Basic Pay and Dearness Allowance (DA) for every six months of service, or receive a monthly top-up if their current pension is less than what they'd get under UPS with Dearness if any, will be paid with simple interest, as per the PPF interest TO APPLY?advertisementThe Ministry said that retirees can apply either online or offline, they need to visit their Drawing and Disbursing Officer (DDO) and submit the form. Those applying online can do so through the official website. The deadline to apply is June 30, earlier this year, government data showed that over 6.4 crore people joined the EPF and ESI schemes between September 2017 and November 2019, while more than 16 lakh individuals enroled under the NPS during the same Watch
&w=3840&q=100)
Business Standard
2 days ago
- Business Standard
Allow gig workers the option to choose between EPF and NPS schemes
If millions of gig workers are forced into EPF without the option of NPS, complaints about the system's inefficiencies will intensify as its shortcomings inevitably emerge Harsh Roongta Listen to This Article It is 2028. Ambar, a Mumbai-based gig worker, juggles jobs across three service apps. Since 2026, when the government mandated Employees' Provident Fund (EPF) contributions for gig workers, a monthly 'EPF' deduction has appeared in his earning statements across all three platforms. Now diagnosed with cancer, Ambar tries to withdraw from his EPF corpus — a purpose for which withdrawal is allowed under EPF rules — only to be denied. The reason? Multiple employers have contributed to his account. The Employees' Provident Fund Organisation's (EPFO's) rigid systems flag this as a discrepancy, freezing access. Marketed initially as a benefit, the
Indian Express
3 days ago
- Indian Express
‘My Gpay account is linked to hers, my OTPs come on her phone': Sara Ali Khan reveals how she manages finances
Sara Ali Khan recently opened up about her finances, sharing valuable insights into where she invests and who handles her accounts. 'I've learnt about the pie — basically, small things distributed in many instruments. My mom handles my money entirely, even my Gpay account is linked to her, my OTPs come on her phone,' said the Simba actor at the Times Now Summit 2025. When prodded about whether she receives pocket money, like all used to back in school, she shared, 'Forget pocket money, I can't book a ticket without asking her,' she said, adding that she generally invests in 'real estate, stock market, gold bonds, the usual.' Sara's revelation that her mother handles her investments brings us to a critical discussion that necessitates conversations surrounding financial literacy. Mukesh Pandey, Director of Rupyaa Paisa, told that in this day and age, it is no longer a matter of choice — the essential foundation of understanding financial instruments is a must now. 'Having even a basic understanding of key financial instruments like Fixed Deposits, Mutual Funds, Public Provident Fund (PPF), Health & Life Insurance, National Pension Scheme (NPS), Share Investment Plans (SIP) will allow you to keep some control of your financial journey and decisions,jh' he said. According to Panday, India is still far behind in financial literacy. 'A SEBI survey found that only 27% of Indians are financially literate. This suggests that almost three-fourths of our population may be investing without fully understanding where their money is going and what risk issues a particular instrument is associated with,' he shared. Giving an example of mutual funds, Pandey said that various people have invested in them with their focus on returns, but are unaware of where mutual funds fit in the investment risk spectrum. 'They also won't know about exit loads, and of course, they probably do not know that there is a difference between equity mutual funds and debt mutual funds,' he explained. When it comes to fixed deposits, which are a relatively safe option, understanding the impact of inflation on real returns becomes crucial. Someone may over-allocate to Fixed Deposits, thereby harming long-term wealth. With even basic knowledge, many of these mistakes can be avoided. Today, digital accessibility has already made financial products a click away, but with that ease of access comes responsibility. 'Understanding how to benefit from compounding through SIPs, tax-saving opportunities through ELSS or PPF, or even knowing the difference between term insurance and an investment-linked policy can change your financial journey,' stressedPandey. Instead of just letting someone else manage your money, he believes it is crucial to create awareness around your money; ultimately, awareness is the biggest asset you could have. 'Consider that simply making a habit of 15 minutes a week to inform yourself about a financial concept will change the game of financial understanding and ultimately planning,' she said, adding that 'financial awareness is not about knowing all – it is about knowing enough and protecting your future'.
