Latest news with #UnifiedPensionScheme
India Gazette
3 days ago
- Business
- India Gazette
Central Govt NPS retirees to get additional benefits under Unified Pension Scheme
ANI 30 May 2025, 18:51 GMT+10 New Delhi [India], May 30 (ANI): The Ministry of Finance, on Friday, announced that subscribers under the National Pension Scheme (NPS) who have retired on or before March 31, 2025, with a minimum of 10 years of qualifying service, or their legally wedded spouse, shall be eligible to claim additional benefits under the Unified Pension Scheme (UPS).These UPS benefits will be provided in addition to the NPS benefits already claimed by the retirees who retired before 31st March 2025, under the NPS, are either eligible for a one-time payment equal to one-tenth of their last Basic Pay + DA for every completed 6 months of service or a monthly top-up if their NPS pension is less than the UPS amount plus Dearness Relief. Additionally, arrears with simple interest as per the applicable Public Provident Fund (PPF) to the ministry, subscribers and their spouses can claim these benefits through the physical mode, which involves visiting their respective Drawing and Disbursing Officer (DDO) and submitting the relevant form. Online mode which include visiting the website to fill out the online form, can also be used to claim these befits. The last date to claim these UPS benefits is June 30, 2025, the statement by Finance ministry Delhi Government is planning to increase the monthly pension for senior citizens and persons with disabilities by Rs 500 to provide additional financial support to these this year, the NSO said that over 6.4 crore new subscribers joined EPF and ESI schemes between September 2017 and November 2019 and over 16 lakh new subscribers joined the National Pension Scheme during the period. (ANI)
News18
3 days ago
- Business
- News18
Unified Pension Scheme: Retired Govt Employees With Over 10 Years' Service To Get Additional Benefits
Last Updated: The government announces that central government NPS retirees by March 31, 2025, with at least 10 years of service, can claim extra benefits under the UPS. In a major relief for retired central government employees, the central government has said that the central government NPS (National Pension System) subscribers who retired on or before March 31, 2025, with a minimum of 10 years of qualifying service, are now eligible to claim additional benefits under the Unified Pension Scheme (UPS) — over and above the regular NPS benefits they may have already availed. This benefit can also be claimed by the legally wedded spouse of the eligible retiree. '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," the finance ministry said in a statement on Friday, May 30, 2025. What Are the Additional Benefits? Eligible retirees will receive a lump sum amount equivalent to one-tenth of their last drawn basic pay plus applicable dearness allowance (DA) for every completed six months of qualifying service. Monthly Top-Up Pension A monthly top-up will be calculated based on the UPS payout combined with dearness relief (DR), after deducting the representative annuity amount already received under NPS. How to Claim the Benefits? Physical Mode: Form B2 for the subscriber Form B4/B6 for the legally wedded spouse Forms can be downloaded from: Online Mode: Visit the same website and fill out the online form for quick processing. Important Deadline The last date to claim the UPS benefits is June 30, 2025. Applicants are advised to apply well before the deadline to avoid last-minute issues. Need Help? For more information, join the official webinar hosted by PFRDA at: Or call the UPS Help Desk (Toll-Free) at 1800 571 2930. The Cabinet in August 2024 approved the Unified Pension Scheme (UPS), for an assured pension post-retirement. The UPS has been implemented from April 1, 2025. The move comes after the long-pending demand of the central government employees to reform the new pension scheme (NPS). It is the latest pension scheme for government employees. Under the UPS, there will be a provision of a fixed assured pension, unlike the New Pension Scheme (NPS) which does not promise a fixed pension amount. Under the Unified Pension Scheme, the assured payout will be calculated based on the last 12-month salary, months of qualified service, and retirement corpus. First Published:
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Business Standard
3 days ago
- Business
- Business Standard
Centre announces unified pension scheme for retired NPS subscribers
The Union government has rolled out the Unified Pension Scheme (UPS), offering enhanced pension benefits to retired subscribers of the National Pension System (NPS). The scheme applies to those who retired on or before 31 March 2025, with at least 10 years of qualifying service. If the subscriber is deceased, their legally wedded spouse is also eligible to receive these benefits. The UPS provides supplementary benefits in addition to the existing NPS entitlements. These include a one-time lump sum payment, a monthly top-up pension, and interest on any arrears. Under the scheme, eligible retirees will receive a lump sum amount calculated as one-tenth of their last drawn basic pay plus dearness allowance for every completed six-month period of qualifying service. The scheme covers various forms of retirement, including superannuation, voluntary retirement, and retirement under Fundamental Rule (FR) 56(j). If the annuity received under the NPS is lower than the guaranteed pension promised by UPS, the government will pay a monthly top-up to cover the shortfall. Furthermore, beneficiaries can claim arrears along with simple interest, calculated at the prevailing Public Provident Fund (PPF) interest rate. UPS came into effect on 1 April 2025, aiming to bring greater certainty to pension payouts by guaranteeing a fixed monthly pension — thus addressing the inherent variability of NPS returns. For retirees with 25 years or more of qualifying service, the scheme ensures a pension equal to 50 per cent of the average basic pay drawn during the last 12 months of service. The Pension Fund Regulatory and Development Authority (PFRDA) issued the UPS Regulations, 2025, on 19 March, outlining eligibility criteria and the process for claiming benefits. To assist retirees and stakeholders, PFRDA is also conducting webinars and informational sessions on the new scheme.
Time of India
3 days ago
- Business
- Time of India
Centre announces additional benefits for NPS retirees under Unified Pension Scheme; claims open until June 30
The ministry of Finance on Friday announced that Central government employees who retired under the National Pension Scheme (NPS) on or before March 31, 2025, and have completed at least 10 years of qualifying service — or their legally wedded spouses — will be eligible for additional benefits under the Unified Pension Scheme (UPS). These UPS benefits will be offered over and above the NPS benefits already availed by the subscribers. As per the notification, eligible NPS retirees may choose between a one-time payout equal to one-tenth of their last drawn Basic Pay plus Dearness Allowance (DA) for every completed six months of service, or a monthly top-up if their current NPS pension is lower than the UPS entitlement plus Dearness Relief. Arrears will be paid along with simple interest, based on applicable Public Provident Fund (PPF) rates, reported ANI. The Ministry stated that both physical and online modes of application will be available for claimants. In the physical route, the applicant must visit their respective Drawing and Disbursing Officer (DDO) and submit the required form. The online application process can be completed by visiting official website. The final date to apply for these additional UPS benefits is June 30, 2025, according to the ministry's statement. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Lifetime Office 2024 License for Mumbai [Order] prime software Undo Meanwhile, the Delhi Government is preparing to enhance the monthly pension for senior citizens and persons with disabilities by ₹500 to provide greater financial support. Earlier this year, the National Statistical Office (NSO) reported that over 6.4 crore new subscribers were added to EPF and ESI schemes between September 2017 and November 2019. During the same period, over 16 lakh individuals joined the National Pension Scheme. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Standard
3 days ago
- Business
- Business Standard
Govt retirees under NPS with 10+ yrs can claim UPS scheme benefits
The central government NPS subscribers who retired on or before March 31, 2025, with a minimum of 10 years of qualifying service or their spouse can claim the additional benefits under the Unified Pension Scheme (UPS). This is over and above the National Pension System (NPS) benefits already claimed, the finance ministry said in a statement on Friday. As per the scheme, the retired employee who opted for UPS would get a lump sum payment (one time) of one-tenth of the last drawn basic pay and dearness allowance thereon, for each completed six months of qualifying service and the monthly top-up amount is calculated based on admissible UPS payout and Dearness relief (DR) minus representative annuity amount under the NPS. Arrears with simple interest as per applicable PPF rates would be also given to retired employees, it said. The last date for making a claim by such employees or their spouses is June 30, 2025, it added. The finance ministry in January notified the Unified Pension Scheme (UPS), which promises an assured pension of 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation. The UPS would be applicable to central government employees who are covered under the National Pension System and who choose the option. As per the notification, the rate of full assured payout will be 50 per cent of 12 monthly average basic pay, immediately prior to superannuation subject to a minimum qualifying service of 25 years against a market returns linked payout under the NPS. The notification provided the option to 23 lakh government employees to choose between UPS and NPS, which came into effect on January 1, 2004.
