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NEW DELHI: The govt Tuesday extended to Nov 30 the deadline for central govt employees to switch from National Pension System (NPS) to Unified Pension Scheme (UPS), following a tepid response by central govt employees covered under NPS. The earlier cut-off date was Sept 30.This will enable more eligible existing employees, retirees and legally wedded spouses of deceased past retirees to opt for the UPS.In a letter addressed to Pension Fund Regulatory and Development Authority, finance ministry said various changes have been announced recently under UPS, including the switch option, benefits on resignation, compulsory retirement, tax exemptions, etc. Stating that requests have been received from stakeholders that some more time need to be given to employees to exercise the option in view of the changes, it said, “It has been decided to extend the cut-off date to exercise choice for UPS by two months i.e. up to Nov 30, 2025."UPS was launched on April 1, 2025 as an optional scheme under the existing NPS framework for central govt employees, except for the personnel of armed forces.
As per PFRDA (Operationalisation of UPS under NPS) Regulations, 2025, eligible existing employees, past retirees and legally wedded spouse of deceased past retirees had been given a time-frame of three months to exercise choice for UPS -- up to 30 June, 2025. However, based on various representations received from stakeholders, this deadline was subsequently extended till Sep 30.The ministry has asked PFRDA to carry out necessary changes, or issue a circular to give effect to the decision. |
