New Delhi: Unified Pension Scheme (UPS) will be operational from 1 April, 2025. Declared last year by the Narendra Modi government, the UPS seeks to provide fixed pension security to employees working in central government offices. People who are in a government job and are already enrolled in the NPS will have the opportunity to choose UPS.
A minimum assured payout of Rs.10,000 per month has been guaranteed under Unified Pension Scheme in case superannuation is after 10 years or more of qualifying service, subject to timely and regular credit of contributions and no withdrawals.
In case of death of the payout holder after superannuation, family payout @60% of the payout admissible to the payout holder immediately before his demise, shall be assured to the legally wedded spouse (spouse legally wedded as on the date of superannuation or on the date of voluntary retirement or retirement under FR 56(j), as may be applicable).
The option of assured payout under UPS shall not be available to the Central Government employees in the following circumstances: a. In case of an employee superannuating before qualifying service of 10 years, from the date of superannuation. b. In case of removal or dismissal from service or resignation of the employee.
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