Raj implements Unified Pension scheme for central govt employees

Jaipur: The Department of Personnel (DOP) issued a notification to implement the Unified Pension Scheme (UPS) for All India Service officers of the Rajasthan cadre. The notification conveys the decision of the central govt to introduce the UPS as an option under the National Pension System (NPS) for central govt employees currently covered under the NPS. The UPS will be applicable to such central govt employees who are covered under the NPS and who choose this option under the NPS.

As per the notification, benefits under the scheme include an assured payout. The scheme's assured payout will be as follows: (a) the rate of full assured payout will be 50% of the twelve-month average basic pay, immediately prior to superannuation. Full assured payout is payable after a minimum of 25 years of qualifying service; (b) in case of a lesser qualifying service period, a proportionate payout would be admissible; (c) a minimum guaranteed payout of Rs 10,000 per month shall be assured in case superannuation is after 10 years or more of qualifying service; and (d) in cases of voluntary retirement after a minimum of 25 years of qualifying service, the assured payout will commence from the date on which the employee would have superannuated if they continued in service.

Eligibility under the scheme for assured payout shall be available only in the following cases: (a) in case of an employee superannuating after a qualifying service of ten years, from the date of superannuation; (b) in case of the govt retiring an employee under the provisions of FR 56 (j) (which is not a penalty under Central Civil Services (Classification, Control and Appeal) Rules, 1965) from the date of such retirement; and (c) in case of voluntary retirement after a minimum qualifying service period of 25 years, from the date such employee would have superannuated if the service period continued to superannuation.