{"id":587,"date":"2024-08-26T15:22:50","date_gmt":"2024-08-26T09:52:50","guid":{"rendered":"https:\/\/www.caclubindia.com\/guide\/?p=587"},"modified":"2025-06-26T15:57:03","modified_gmt":"2025-06-26T10:27:03","slug":"unified-pension-scheme","status":"publish","type":"post","link":"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/","title":{"rendered":"Unified Pension Scheme (UPS): New Era in Retirement Benefits"},"content":{"rendered":"\n<p>Unified Pension Scheme (UPS) is an important initiative announced on 24th August 2024 by the Narendra Modi government to provide central government employees with assured pension after the retirement.<\/p>\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" title=\"Unified Pension Scheme\" src=\"https:\/\/www.caclubindia.com\/guide\/wp-content\/uploads\/2024\/08\/ups-1024x538.jpg\" alt=\"image\" \/><\/figure>\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\r\n<div class=\"ez-toc-title-container\">\r\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\r\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\r\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Applicability\" >Applicability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Reason_to_introduce_the_Unified_Pension_Scheme_UPS\" >Reason to introduce the Unified Pension Scheme (UPS)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#States_decided_to_revert_to_the_Old_Pension_Scheme\" >States decided to revert to the Old Pension Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Political_Impact\" >Political Impact<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Advantages_of_Unified_Pension_Scheme\" >Advantages of Unified Pension Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Key_features_of_Unified_Pension_Scheme\" >Key features of Unified Pension Scheme<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Assured_pension\" >Assured pension<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Assured_minimum_pension\" >Assured minimum pension<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Assured_family_pension\" >Assured family pension<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Inflation_indexation\" >Inflation indexation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Lump_sum_payment_at_superannuation_in_addition_to_gratuity\" >Lump sum payment at superannuation in addition to gratuity<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#How_many_employees_will_get_this_benefit\" >How many employees will get this benefit?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#About_NPS\" >About NPS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Why_NPS_was_introduced\" >Why NPS was introduced?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#Why_New_Pension_Scheme_was_opposed\" >Why New Pension Scheme was opposed?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#About_OPS\" >About OPS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.caclubindia.com\/guide\/unified-pension-scheme\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\r\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Applicability\"><\/span>Applicability<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The scheme will come into force from 1st April 2025.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reason_to_introduce_the_Unified_Pension_Scheme_UPS\"><\/span>Reason to introduce the Unified Pension Scheme (UPS)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The introduction of the Unified Pension Scheme (UPS) comes in response when there was strong criticism from government employees about the New Pension Scheme (NPS).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"States_decided_to_revert_to_the_Old_Pension_Scheme\"><\/span>States decided to revert to the Old Pension Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The opposition has used this discontent to gain political support. Some states have switched back to the Old Pension Scheme.<\/p>\n\n\n\n<p>Opposition ruled states like in 2022 Chhattisgarh, Punjab, Rajasthan, and in 2023 Himachal Pradesh have reverted to the old Pensions Scheme (OPS).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Political_Impact\"><\/span>Political Impact<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The announcement of a novel pension scheme by the central government is a significant political move towards major political development before the upcoming assembly elections in Jammu &amp; Kashmir, Haryana, Maharashtra and Jharkhand.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_Unified_Pension_Scheme\"><\/span>Advantages of Unified Pension Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.caclubindia.com\/articles\/unified-pension-scheme-ups-52400.asp\"><strong>Unified Pension Scheme (UPS)<\/strong><\/a> promises retirees a fixed pension amount addressing one of the main criticisms of the New Pension Scheme (NPS), which did not guarantee a fixed pension.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_features_of_Unified_Pension_Scheme\"><\/span>Key features of Unified Pension Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The key features are:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Assured_pension\"><\/span>Assured pension<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>This would amount to 50% of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years.<\/p>\n\n\n\n<p>This pay is to be proportionate for lesser service period upto a minimum of 10 years of service.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Assured_minimum_pension\"><\/span>Assured minimum pension<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>In case of superannuation after minimum 10 years of service, the UPS has a provision of an assured minimum pension @10,000 per month.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Assured_family_pension\"><\/span>Assured family pension<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Retirees&#8217; beneficiaries will receive 60% of the pension amount last drawn by him\/her before their death.<\/p>\n\n\n\n<p><strong>For Example : <\/strong>Suppose a Central Government retired employee Mr. X was receiving Rs 40,000 after completing 25 year of service. Family after the retiree&#8217;s passing will get Rs (40,000 @ 60%) = 24,000.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Inflation_indexation\"><\/span>Inflation indexation<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>On assured pension, on assured family pension and assured minimum pension Dearness Relief based on All India Consumer Price Index for Industrial Workers (AICPI-IW) as in case of service employees<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Lump_sum_payment_at_superannuation_in_addition_to_gratuity\"><\/span>Lump sum payment at superannuation in addition to gratuity<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>1\/10th of monthly emoluments (pay + DA) as on the date of superannuation for every completed six months of service this payment will not reduce the quantum of assured pension.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_many_employees_will_get_this_benefit\"><\/span>How many employees will get this benefit?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The new Unified Pension Scheme will benefit 23 lakh government employees.<\/p>\n\n\n\n<p>The state government will also be given the option to opt for the UPS.<\/p>\n\n\n\n<p>If state governments opt for UPS, then the number of beneficiaries will be around 90 lakh.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_NPS\"><\/span>About NPS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The New Pension Scheme replaced the Old Pension Scheme on 1st January 2004 as a part of the Centre&#8217;s effort to reform India&#8217;s pension policies.<\/p>\n\n\n\n<p>The employees joining government services after the 2004 were slotted under New Pension Scheme.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_NPS_was_introduced\"><\/span>Why NPS was introduced?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>New Pension Scheme was introduced by the Atal Bihari Vajpayee government for some fundamental problem with the OPS.There was no dedicated pension fund and led to unsustainable government pension liabilities.With better health facilities leading to longer averages life spans, the OPS financially unviable in the long run.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_New_Pension_Scheme_was_opposed\"><\/span>Why New Pension Scheme was opposed?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>It was opposed due to:<\/p>\n\n\n\n<p>Firstly it eliminated an assured pension.<\/p>\n\n\n\n<p>Secondly employees to contribute a portion of their salary with the government matching this contribution. The defined contribution comprised 10% (increased to 14% in 2019) of the basic salary and dearness allowance by the employee and a matching contribution by the government.<\/p>\n\n\n\n<p>Individuals under NPS can choose from a range of schemes from low risk to high risk and pension managers promoted by public sector banks and financial institutions as well as private companies.<\/p>\n\n\n\n<p>Schemes under the NPS are offered by nine pension fund managers sponsored by SBI, LIC, UTI, HDFC, ICICI, Kotak Mahindra, Aditya Birla, Tata and Max.<\/p>\n\n\n\n<p>For Government employees, the NPS not only gave lower assured returns, it also implied emploee-contributions which was not the case with the OPS.<\/p>\n\n\n\n<p>This was the reasons what drove the opposition to NPS.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"About_OPS\"><\/span>About OPS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Under Old Pension Scheme (OPS), pension to government employees (both in central and states) was fixed at 50% of the last drawn basic pay.<\/p>\n\n\n\n<p>In addition, there was DA which was calculated as a percentage of the basic salary to adjust for the steady increase in the cost of living.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1724665186518\"><strong class=\"schema-faq-question\">When Unified Pension Scheme will be effective?<\/strong> <p class=\"schema-faq-answer\">The UPS will come into effect from April 1, 2025.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1724665251631\"><strong class=\"schema-faq-question\">Who are applicable under UPS?<\/strong> <p class=\"schema-faq-answer\">The UPS will apply to all individuals who have retired under the New Pension Scheme (NPS) from 2004 onwards.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1724665266503\"><strong class=\"schema-faq-question\">What will happen to NPS retirees?<\/strong> <p class=\"schema-faq-answer\">NPS retirees will receive arrears adjusted with the amount they have already drawn under the NPS.<\/p> <\/div> <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Unified Pension Scheme (UPS) is an important initiative announced on 24th August 2024 by the Narendra Modi government to provide [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":590,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4],"tags":[],"class_list":["post-587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-income-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Unified Pension Scheme (UPS): New Era in Retirement Benefits - Tax Guide<\/title>\r\n<meta name=\"description\" content=\"Unified Pension Scheme is set to replace the NPS starting w.e.f. 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