The government officially announced the implementation of the Unified Pension Scheme (UPS).
Government had brought in this scheme for government employees in August of last year.
Government had brought in the UPS as an option under National Pension System for Central Government employees.
The scheme will become effective on April 1st of this year.
According to the notification, UPS will apply to Central Government employees who are covered under the National Pension System and who choose this option under NPS.
Current and future employees can choose to continue with NPS without the UPS option, or they can choose to take the UPS option under NPS.
Employees who have exercised the UPS option will be ineligible for any policy concessions, changes, financial benefits, or parity with subsequent retirees, including post-retirement.
