UPS (Unified Pension Scheme) Official Notification Complete details with Example (हिंदी में)

#ups #unifiedpensionscheme
The Unified Pension Scheme shall be applicable to such Central Government employees who are covered under
National Pension System and who choose this option under National Pension System. It will have the following
features, namely: -
Eligibility under the Scheme
(i) Assured Payout shall be available only in the following cases, namely: -
(a) in case of an employee superannuating after qualifying service of ten years, from the date of
superannuation;
(b) in case of the Government retiring an employee under the provisions of FR 56 (j) (which is not a penalty under Central Civil Services (Classification, Control and Appeal) Rules, 1965) from the
date of such retirement; and
(c) in case of voluntary retirement after a minimum qualifying service period of 25 years, from the
date such employee would have superannuated, if the service period had continued to
superannuation.
(ii) Assured Payout shall not be available in case of removal or dismissal from service or resignation of the
employee. In such cases, the Unified Pension Scheme option shall not apply.
Benefits under the Scheme
(iii) Subject to other conditions stated in this notification, Assured Payout under the scheme shall be as
follows, namely: -
(a) the rate of full assured payout will be @50% of twelve monthly average basic pay, immediately
prior to superannuation. Full assured payout is payable after a minimum 25 years of qualifying
service;
(b) in case of lesser qualifying service period, proportionate payout would be admissible;
(c) a minimum guaranteed payout of Rs. 10,000 per month shall be assured in case superannuation
is after ten years or more of qualifying service; and
(d) in cases of voluntary retirement after a minimum 25 years of qualifying service, assured payout
will commence from the date on which the employee would have superannuated, if he had
continued in service.
(iv) In case of death of the payout holder after superannuation, family payout @60% of the payout
admissible to the payout holder, immediately before his demise, will be assured to the legally wedded
spouse (spouse legally wedded as on the date of superannuation or on the date of voluntary retirement or
retirement under FR 56(j), as may be applicable).
(v) Dearness Relief will be available on the assured payout and family payout, as the case may be. The
Dearness Relief will be worked out in the same manner as Dearness Allowance applicable to serving
employees. Dearness Relief will be payable only when payout commences.
(vi) A lump sum payment will be allowed on superannuation @10% of monthly emoluments (basic pay +
Dearness Allowance) for every completed six months of qualifying service. This lump sum payment
will not affect the quantum of assured payout.
(vii) The corpus under the Unified Pension Scheme option will comprise of two funds, namely:-
(a) An individual corpus with employee contribution and matching Central Government
contribution; and
(b) A pool corpus with additional Central Government contribution.
(viii) The contribution of employees will be 10% of (basic pay + Dearness Allowance). The matching Central
Government contribution will also be 10% of (basic pay + Dearness Allowance). Both will be credited
to each employee’s individual corpus.
(ix) Central Government shall provide an additional contribution of an estimated 8.5% of (basic pay +
Dearness Allowance) of all employees who have chosen the Unified Pension Scheme option, to the pool
corpus on an aggregate basis. The additional contribution is for supporting assured payouts under the
Unified Pension Scheme option.
(x) The employee can exercise investment choices for the individual corpus alone. Such investment choices
shall be regulated by the Pension Fund Regulatory and Development Authority. A ‘default pattern’ of
investment may be defined by Pension Fund Regulatory and Development Authority from time to time.
If an employee does not exercise an investment choice on individual corpus, the ‘default pattern’ of
investment will apply.
(xi) The investment decisions for the pool corpus built through the additional Central Government
contribution will solely rest with Central Government.
(xii) In respect of employees who have retired before the date of operation of Unified Pension Scheme and
who opt for the Unified Pension Scheme option, Pension Fund Regulatory and Development Authority
will determine the mechanism for making available the top- up amount.