The benefit of the Unified Pension Scheme will be available only to central employees fulfilling certain special criteria. In this, employees included in the National Pension Scheme till April 1, 2025, and candidates selected for services under the Central Government after April 1 will be required to choose within 30 days from the joining date.

New Delhi: The Pension Fund Regulatory and Development Authority (PFRDA) issued comprehensive instructions through a gazette notification yesterday for the operation of the new Unified Pension Scheme (UPS) to be implemented from April 1, 2025. The UPS Pension Scheme will be available as an option to those central employees who already give their contribution under the National Pension Scheme.

These employees will get the benefit

The benefit of the Unified Pension Scheme will be available only to central employees fulfilling certain special criteria. In this, it will be mandatory for the employees included in the National Pension Scheme till 1 April 2025 and the candidates selected for the services under the Central Government after 1 April to opt within 30 days from the joining date. At the same time, employees retiring under the National Pension Scheme or before 31 March 2025 can also take advantage of this scheme. Apart from this, the legal heirs of the employees who have died before the implementation of the Unified Pension Scheme can also join this scheme.

There will be no chance to amend after choosing

Let us tell you that it is very important to keep in mind that once this scheme is chosen, there will be no chance to amend. Employees who are choosing UPS cannot later claim for any kind of financial benefits or change in policies.

How much can be contributed in this scheme

According to the notification issued by the pension regulator, central employees can contribute 10 percent of their basic salary and dearness allowance in UPS. At the same time, the government will also contribute an amount equal to the contribution made by you. Apart from this, 8.5% interest will also be given on basic salary and dearness allowance for pension guarantee. It should be known that the minimum pension guarantee amount under UPS is Rs 10,000, provided the employee has completed more than 10 years of service.