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Informist, Monday, Jun. 23, 2025

 

--Fin min:Extended cut-off date to exercise option for Unified Pension Scheme 

--Fin min: Cut-off date to select Unified Pension Scheme extended to Sept 30 

 

NEW DELHI – The government has extended the cut-off date to opt for the Unified Pension Scheme by three months, the finance ministry Monday said. Eligible existing employees, past retirees, and the legally wedded spouses of deceased past retirees, can now exercise the option for the Unified Pension Scheme by Sept. 30, instead of the earlier deadline of Jun. 30.

 

"In view of the representations received from various stakeholders requesting an extension of the cut-off date, the Government of India has decided to extend the cut-off date for exercising the option for UPS by three months i.e., upto 30th September 2025 for eligible existing employees, past retirees, and the legally wedded spouses of deceased past retirees," the finance ministry said in a release.

 

The Unified Pension Scheme aims to provide an assured pension, family pension, and an assured minimum pension for government employees. The government had rolled out this scheme to address the demand for assured returns.

 

Under the Unified Pension Scheme, 50% of the average basic pay drawn in the last 12 months prior to superannuation for a minimum qualifying service of 25 years would be given as an assured pension. For those with less than 25 years but over 10 years of service, the assured sum would be a proportionate sum calculated on a pro-rata basis.

 

The scheme also assures family pension, under which 60% of the pension will be given to the immediate family after the demise of an employee. While employees' contribution to the Unified Pension Scheme will continue to be at 10%, the Centre's contribution will be raised to 18.5% from 14.0%. There is a provision that will allow the Centre to revaluate its contribution once every three years, but there is no opportunity to tweak staff's contributions.  End

 

Reported by Shubham Rana

Edited by Akul Nishant Akhoury

 

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