The Modi government launched the Unified Pension Scheme (UPS) under the National Pension System (NPS) on April 1 this year. The UPS was conceived as a new pension plan for central government employees, giving them an option to subscribe to a new scheme that combines some of the unique features from the existing NPS and the old pension scheme.
The UPS, which guarantees an assured pension for government employees on retirement like the old pension scheme, has so far failed to attract central government employees. The tepid response forced the government to extend the deadline to subscribe the scheme for employees by another three months till September 30. The earlier deadline was June 30.
Given the current response, there have been speculations that the Centre might go for some modifications in the Unified Pension Scheme and sweeten it to lure more central government employees towards it.
In the Lok Sabha recently, two parliamentarians Kanwar Singh Tanwar and Sanjay Jaiswal sought to know from the finance ministry if there is a plan to bring some changes in the UPS to make it better.
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Replying to this question, Finance Minister Nirmala Sitharaman said that the UPS has been introduced as an option under the NPS for the employees of central government who are covered under the NPS. “There is no proposal under consideration to extend such benefits to other pension schemes or sector,” she clarified.
Lok Sabha members also asked the minister about the total number of retired central government subscribers eligible to receive additional benefits under the UPS. To this, the FM said there are 25,756 retired central government subscribers eligible to receive additional benefits under the UPS, as per eligibility criteria.
“These eligible subscribers are those central government employees who have either superannuated or deceased or retired under Fundamental Rules 56(j), on or before 31st March 2025, after completing 10 years or more of qualifying service and were covered under National Pension System,” she said.
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