New Delhi, Aug 26 The Finance Ministry has introduced a one-time, one-way switch option for Central Government employees under the Unified Pension Scheme (UPS) to switch to the National Pension System (NPS). This facility is available up to one year before their superannuation or three months before voluntary retirement. Employees facing dismissal, removal, or disciplinary action will not be eligible.
The Department of Expenditure (DoE) in the Ministry of Finance is likely to develop an operational framework for implementing the unified pension scheme. The move aims to streamline pension benefits and provide flexibility while reinforcing NPS as a long-term retirement solution.
Finance Minister Nirmala Sitharaman announced that 7,253 claims under the Unified Pension Scheme (UPS) have been received, with 4,978 processed for benefit payment. There are 25,756 retired Central government subscribers eligible to receive additional benefits under UPS.
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