The Union Finance Ministry informed Parliament on Monday that 31,555 central government employees have opted for the Unified Pension Scheme (UPS) till July 20.
Finance Minister Nirmala Sitharaman told Parliament in a written reply that as on July 20, 7,253 claims were received, out of which 4,978 were processed for payment of benefits under UPS.
The government has introduced UPS as an option under the National Pension System (NPS) for Central government employees with effect from April 1, 2025.
Sitharaman said that based on the representations from employees and associations, the cut-off date to opt for UPS has been extended for a period of three months up to September 30. “As per eligibility criteria, there are 25,756 retired Central Government subscribers eligible to receive additional benefits under UPS,” she said.
The government has also extended tax benefits under UPS as are available under NPS under the Income Tax Act, 1961. Asked whether the government proposes to extend such benefits to other pension schemes or sectors in the near future, Sitharaman said, “UPS has been introduced as an option under NPS for Central Government employees who are covered under NPS. There is no proposal under consideration to extend such benefits to other pension schemes or sectors.”
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