*SALIENT FEATURES OF UNIFIED PENSION SCHEME*

*SALIENT FEATURES OF UNIFIED PENSION SCHEME*

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The followings are Salient Features of UPS.

1) *Gazette Notification date 24-01-2025.*

2) *Applicable only to Central Govt., employees wef 01-04-2025.*

3) *Option is available to choose between UPS & NPS. OPTION ONCE EXERCISED IS FINAL.*

4) *Minimum Qualifying Service of 10 years is necessary before Superannuation.*

5) *Compulsorily retired employees under F R 56(j) are also eligible.*

6) *VRS option is available for those with 25 years of Q Service.*

7) *Employees Removed / Dismissal / RESIGNED employees are NOT eligible for UPS.*

8) *The Monthly Pay Out (Pension) is @ 50% of Average of last 12 months Basic Pay.*

9) *The Monthly Pay Out starts from the date of Superannuation  or Compulsory Retirement.*

10) *For VRS optees, the Monthly Pay Out (MPO) starts from the normal Superannuation date, had he continued in service.*

11) *The full MPO (50%) is payable for Min 25 yrs of Q S. Else, Proportionate Pay Out is paid.*

12) *The Monthly Family Pay Out on the demise of Retiree Pay Out person is @ 60% of the Regular MPO being paid / payable.*

13) *DR is payable on the MPO at the same rate at which DA is paid to In-service employees.*

14) *A Lump Sum Amount (LSA) @ 10% for every completed QS of 6 months.*

15) *LSA does not affect the MPO.*

16) *The Corpus is formed with : 10% of )Basic Pay + DA) by the Employee and 10% of the (Basic Pay + DA) by the Central Govt.,*

*This is called as Individual Corpus.*

17) *Central Govt., also contributes 8.5% of (Basic Pay + DA) as Additional Corpus.*

18) *The employee can decide the Investment pattern of Individual Corpus.* 

*PFRDA will announce 'Default Pattern' on Investment.*

19) *The C G will decide Investment Pattern of Additional Corpus.*

20) *On the Superannuation   or CRS, the total Corpus available in employee account will be transferred for making Monthly Pay Out.*

21) *Since the Monthly Pay Out depends on the employee Corpus, if it is less, then the Monthly Pay Out will be reduced to match the Corpus.*

22) *The Minimum MPO is Rs.10,000/-.*

23) *The PFRDA is entrusted with the work of supervision of Fund Management.*

C T JOSHI.

Spl Invitee to NOIP Secretariat,

26-01-2025 at 11.53 am.