rewrite this title and make it good for SEOUnited Pension Scheme (UPS) cut-off date for exercising option extended till September 30

The central government on Monday extended a cut-off date applicable to government staff for exercising the optionunder the Unified Pension Scheme (UPS). The new cut-off date of September 30 extends the current deadline of June 30 by three months. In other words, governnent staff will have until September 30 to pick the UPS as an optional pension scheme. The pension scheme is designed to provide a comprehensive and centralised pension system for central government staff. 

UPS June 30 deadline extended by three months

Earlier, eligible central government staff–including the active emplorees, retirees and spouses of deceased retirees–had unil June 30 to exercise this option under the UPS. Now, they will have until September 30 to do so. 

“In view of the representations received from various stakeholders requesting an extension of the cut-off date, the Government of India has decided to extend the cut-off date for exercising the option for UPS by three months i.e., upto 30th September 2025 for eligible existing employees, past retirees, and the legally wedded spouses of deceased past retirees,” the Ministry of Finance said in a statement. 

The UPS is an option available temporarily under the National Pension System (NPS) for central government employees that ensures a fixed monthly pension after retirement. 

The amount of pension depends on regular contributions from the employee as well as the government that are invested in a fund.

Unified Pension Scheme (UPS) | Here are a few key things to know: 

Who can opt for UPS?

Only central government employees already covered under the NPS can go for the UPS option.

How is the pension amount calculated under UPS?

The full assured monthly pension is 50 per cent of the average basic pay of the last 12 months before retirement. The full pension, under the scheme, is paid after 25 years of qualifying service.

In case of a service of less than 25 years, a proportionate pension is paid under the scheme. If retirement takes place after at least 10 years of service, a minimum pension of Rs 10,000 per month is guaranteed, subject to timely and regular contributions with no withdrawals.

For voluntary retirement after 25 years, the pension will start from the date the employee would have normally retired.

Employee and central government contribution under the UPS

Under the UPS, each of the employee and the central government contribute 10 per cent of the basic pay along with the dearness allowance for the employee.