Wednesday, March 26, 2025
HomePersonal FinanceModi government's new scheme for central government employees, good news will be...

Modi government’s new scheme for central government employees, good news will be available from April 1

The Integrated Pension Scheme for Central Government employees is going to be implemented in the new financial year. UPS will be available to those central government employees who are already enrolled in NPS and opt for this new scheme.

7th pay commission latest news: Only a few days are left for the start of the new financial year. The Integrated Pension Scheme is going to be implemented for central employees in the upcoming financial year starting from April 1. The central government has launched the Integrated Pension Scheme as an alternative to the National Pension System (NPS). UPS will be available to those central government employees who are already enrolled in NPS and opt for this new scheme. The Finance Ministry has said that central government employees eligible under NPS now have the option to switch to the Integrated Pension Scheme within the NPS structure.

About the scheme

-Retired persons will now get 50% of their average basic salary in the last 12 months before retirement as pension, provided they have put in a minimum service of 25 years. Also, the government is increasing its contribution from 14% to 18.5%.

-At the same time, the contribution of employees will not increase. In case of unfortunate death of a pensioner, his family will receive 60% of the pension received by the employee. ₹ 10,000 per month will be received as pension on retirement after a minimum of 10 years of service.

-The provisions of UPS will apply to pre-retired employees of NPS (who have already retired). The arrears of the previous period will be paid with interest at PPF rates.

– UPS will be available as an option to employees. Existing NPS/VRS as well as future employees on NPS will have the option to join UPS. Option once chosen will be final.

– UPS is being implemented by the Central Government. It will benefit around 23 lakh central employees. If state governments also adopt it, it can benefit more than 90 lakh government employees who are currently on NPS.

Shyamu Maurya
Shyamu Maurya
Shyamu has done Degree in Fine Arts and has knowledge about bollywood industry. He started writing in 2018. Since then he has been associated with Informalnewz. In case of any complain or feedback, please contact me @informalnewz@gmail.com
RELATED ARTICLES
- Advertisment -

Most Popular

Recent Comments