Latest news with #UnifiedPensionScheme
New Indian Express
29-07-2025
- Business
- New Indian Express
26K retired Central govt employees eligible to receive extra benefits under UPS
NEW DELHI: As many as 25,756 retired central government employees meet the eligibility criteria to receive additional benefits under the Unified Pension Scheme (UPS). These are employees who superannuated are deceased or retired on or before March 31, 2025, having completed ten years or more of qualifying service while covered under NPS, the government has informed parliament. As of July 20, 2025, the government has already received 7,253 claims for UPS benefits, with a swift processing rate seeing 4,978 claims successfully processed for payment. This indicates a growing uptake of the scheme among eligible beneficiaries. UPS is specifically introduced as an option under NPS for Central Government employees. There are currently no proposals under consideration to extend these benefits to other pension schemes or sectors, Finance minister Nirmala Sitharaman told Lok Sabha on Monday. Responding to representations from employees and various associations, the government previously extended the cut-off date to opt for UPS by three months, until September 30, 2025. This extension provides more time for eligible individuals to make their decision. The finance minister said that the government has moved to enhance the financial security of UPS beneficiaries. It has extended the benefit of 'Retirement gratuity and Death gratuity' under the provisions of the Central Civil Service (Payment of Gratuity under National Pension System) Rules, 2021, to Central Government employees covered by UPS. The finance minister also clarified that the government has ensured parity in taxation, extending the same tax benefits to UPS as are available to NPS under the Income Tax Act, 1961.
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Business Standard
28-07-2025
- Business
- Business Standard
Only 1.37% of eligible central employees opted for UPS as of July 20
Only 1.37 per cent of eligible central government employees have opted for the Unified Pension Scheme (UPS) so far. In a written reply to the Lok Sabha on Monday, the Finance Ministry informed that as of 20 July 2025, a total of 31,555 employees had opted for the scheme. The government has extended the deadline for opting into the scheme to September 2025 from the earlier cut-off date of 30 June 2025. Minister of State for Finance Pankaj Chaudhary said the UPS has been introduced as an option under the National Pension System (NPS) for central government employees currently covered under NPS, with the objective of providing assured payouts. In August 2024, Information and Broadcasting Minister Ashwini Vaishnaw had said, 'UPS is being implemented by the Central Government, benefiting ~23 lakh Central Government employees.' In a separate reply in the Lok Sabha on Monday, the Finance Ministry informed that, as per the eligibility criteria, there are 25,756 retired central government subscribers eligible to receive additional benefits under UPS. 'These eligible subscribers are those central government employees who have either superannuated, deceased, or retired under Fundamental Rule 56(j) on or before 31 March 2025, after completing ten years or more of qualifying service under NPS,' said Finance Minister Nirmala Sitharaman. Sitharaman further stated that as on 20 July 2025, 7,253 claims had been received, out of which 4,978 had been processed for payment of benefits under UPS. The UPS guarantees employees 50 per cent of their average basic pay over the last 12 months before retirement as pension, provided they have completed a minimum qualifying service of 25 years. This is in contrast to the market-linked returns under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. The scheme has been introduced to address concerns raised by government employees over the NPS, which has been in effect since 1 January 2004. The government has also extended to UPS the same tax benefits available under the Income-tax Act, 1961, for NPS. Under the earlier Old Pension Scheme (OPS), employees were not required to contribute towards their pension. However, they contributed to the General Provident Fund (GPF), the accumulated amount of which—along with interest—was paid to the employee at the time of retirement.
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Business Standard
28-07-2025
- Business
- Business Standard
Only 1.37% of eligible central govt employees opted for UPS as of July 20
Only 1.37 per cent of eligible central government employees have opted for the Unified Pension Scheme (UPS) so far. In a written reply to the Lok Sabha on Monday, the Finance Ministry informed that as of 20 July 2025, a total of 31,555 employees had opted for the scheme. The government has extended the deadline for opting into the scheme to September 2025 from the earlier cut-off date of 30 June 2025. Minister of State for Finance Pankaj Chaudhary said the UPS has been introduced as an option under the National Pension System (NPS) for central government employees currently covered under NPS, with the objective of providing assured payouts. In August 2024, Information and Broadcasting Minister Ashwini Vaishnaw had said, 'UPS is being implemented by the Central Government, benefiting ~23 lakh Central Government employees.' 'These eligible subscribers are those central government employees who have either superannuated, deceased, or retired under Fundamental Rule 56(j) on or before 31 March 2025, after completing ten years or more of qualifying service under NPS,' said Finance Minister Nirmala Sitharaman. Sitharaman further stated that as on 20 July 2025, 7,253 claims had been received, out of which 4,978 had been processed for payment of benefits under UPS. The UPS guarantees employees 50 per cent of their average basic pay over the last 12 months before retirement as pension, provided they have completed a minimum qualifying service of 25 years. This is in contrast to the market-linked returns under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. The scheme has been introduced to address concerns raised by government employees over the NPS, which has been in effect since 1 January 2004. The government has also extended to UPS the same tax benefits available under the Income-tax Act, 1961, for NPS. Under the earlier Old Pension Scheme (OPS), employees were not required to contribute towards their pension. However, they contributed to the General Provident Fund (GPF), the accumulated amount of which—along with interest—was paid to the employee at the time of retirement.
The Hindu
28-07-2025
- Business
- The Hindu
More than 31,500 government employees opt for UPS till July 20: Finance Ministry
As many as 31,555 Central Government employees have opted for the Unified Pension Scheme (UPS) till July 20, 2025, and the last date to enrol under the scheme is September 30, 2025, the Parliament was informed on Monday (July 28, 2025.) In a written reply in the Lok Sabha, Finance Minister Nirmala Sitharaman said as on July 20, 2025, at least 7,253 claims have been received and out of which 4,978 claims have been processed for payment of benefits under UPS. Editorial | Middle path: On the Unified Pension Scheme From April 1, 2025, the government has introduced UPS as an option under the National Pension System (NPS) for the Central Government employees. The UPS will provide assured payouts to the employees. In reply to a separate question in the House, Minister of State for Finance Pankaj Chaudhary said, 'as on July 20, 2025, 31,555 employees have opted UPS.' Further, Ms. Sitharaman said based on the representations from employees and associations, the cut-off date to opt for UPS was extended for a period of three months up to September 30, 2025. Centre finally notifies Unified Pension scheme option for government staff covered by NPS "As per eligibility criteria, there are 25,756 retired Central Government subscribers eligible to receive additional benefits under UPS," Ms. Sitharaman said. 'These eligible subscribers are those Central Government employees who have either superannuated or deceased, or retired under Fundamental Rules 56(j), on or before March 31, 2025, after completing 10 years or more of qualifying service and were covered under NPS,' the Minister said. The government has extended the benefit of 'Retirement gratuity and Death gratuity' under UPS. Further, the government employees who opt for the UPS under NPS shall also be eligible for option for availing benefits under the CCS (Pension) Rules, 2021 or the CCS (Extraordinary Pension) Rules, 2023, in the event of death of the government servant during service or his discharge on the ground of invalidation or disablement. The government has also extended tax benefits to UPS as are available to NPS under the Income Tax Act, 1961. To a question on whether the government proposes to extend such benefits to other pension schemes or sectors in the near future, Ms. Sitharaman said, "UPS has been introduced as an option under National Pension System (NPS) for the employees of Central Government who are covered under the NPS. There is no proposal under consideration to extend such benefits to other pension schemes or sector."
Mint
28-07-2025
- Business
- Mint
Over 31,500 govt employees opt for UPS till July 20: FinMin
New Delhi, Jul 28 (PTI) As many as 31,555 central government employees have opted for the Unified Pension Scheme (UPS) till July 20, and the last date to enrol under the scheme is September, Parliament was informed on Monday. In a written reply in the Lok Sabha, Finance Minister Nirmala Sitharaman said as on July 20, 2025, at least 7,253 claims have been received and out of which 4,978 claims have been processed for payment of benefits under UPS. From April 1, 2025, the government has introduced UPS as an option under the National Pension System (NPS) for the central government employees. UPS will provide assured payouts to the employees. In reply to a separate question in the House, Minister of State for Finance Pankaj Chaudhary said, "as on July 20, 2025, 31,555 employees have opted UPS". Further, Sitharaman said based on the representations from employees and associations, the cut-off date to opt for UPS was extended for a period of three months up to September 30, 2025. "As per eligibility criteria, there are 25,756 retired Central Government subscribers eligible to receive additional benefits under UPS," Sitharaman said. These eligible subscribers are those central government employees who have either superannuated or deceased, or retired under Fundamental Rules 56(j), on or before 31st March 2025, after completing 10 years or more of qualifying service and were covered under NPS, the minister said. The government has extended the benefit of 'Retirement gratuity and Death gratuity' under UPS. Further, the government employees who opt for UPS under NPS shall also be eligible for option for availing benefits under the CCS (Pension) Rules, 2021 or the CCS (Extraordinary Pension) Rules, 2023, in the event of death of the government servant during service or his discharge on the ground of invalidation or disablement. The government has also extended tax benefits to UPS as are available to NPS under the Income Tax Act, 1961. To a question on whether the government proposes to extend such benefits to other pension schemes or sectors in the near future, Sitharaman said, "UPS has been introduced as an option under National Pension System (NPS) for the employees of Central Government who are covered under the NPS. There is no proposal under consideration to extend such benefits to other pension schemes or sector."
