Alert! Last chance to switch from UPS to NPS, you will not be able to change your pension scheme after this day

Unified Pension Scheme is a new pension scheme for government employees. Under this, employees will get assured pension after retirement.

If you have taken UPS scheme and you want to change it back to NPS, then this news is important for you. Actually, the government has said that employees can transfer back from UPS scheme to NPS till 30 September 2025. Transfer to NPS cannot be done after the deadline. Along with this, the Finance Ministry has also clarified that if NPS is selected, then after September 30, one will not be able to go to UPS scheme again.

The ministry has laid down some conditions for moving from UPS to NPS.

• Employees can switch to NPS only once and will not be able to go back to UPS.
• You can avail this facility one year before retirement or three months before voluntary retirement.
• If you are taking removal or compulsory retirement as a punishment for breaking any rule, then the switch facility will not be available.
• Those who do not opt for the switch within the deadline will remain under UPS by default.

What is UPS scheme?

Unified Pension Scheme is a new pension scheme for government employees. Under this, employees will get a guaranteed pension after retirement. The pension amount will be 50% of the average basic pay of the 12 months before retirement. UPS has come into effect from April 1, 2025.

How is UPS different from New Pension Scheme?

In UPS, a government employee will get 50% of the average basic salary of the 12 months before retirement as a fixed pension. Under UPS, if someone has worked for 25 years, he will get pension. If someone has worked for less than 25 years but more than 10 years, he will still get pension. But the amount will be less.

Will state government employees also get the benefit?

The government said that if the state governments want to adopt UPS, they can do so. 23 lakh central employees will benefit from the centre's scheme. If the state government employees also adopt it, then a total of 90 lakh employees will benefit from it.

PC:NDTVINDIA