Central government employees can opt for the UPS before September 30, 2025, for assured payouts and several benefits.
A notification issued by the Ministry of Finance says, “This switch facility may be exercised by UPS optees any time not later than one year prior to the date of superannuation or three months prior to the deemed date of retirement in case of voluntary retirement, as applicable.”
It added that similar provisions will be made in case of resignation and other cases with minor modifications, if necessary.
“The switch facility will not be allowed in case of removal, dismissal or compulsory retirement as a penalty or for cases where disciplinary proceedings are ongoing or contemplated,” the notification said.
The provisions of PFRDA (Exit & Withdrawal under NPS) Regulations, 2015 will apply once the switch is made. and the employee shall cease to be eligible for assured payouts and UPS benefits. “The Government’s differential contribution (4%) at default investment pattern will be worked out and shall be credited to the individual’s NPS corpus at the time of exit,” the notification mentions.
Content Source: economictimes.indiatimes.com