Unified Pension Scheme Gazette Notification PDF Download

Unified Pension Scheme Gazette Notification: Eligibility and Benefits of the Scheme

MINISTRY OF FINANCE

(Department of Financial Services)

NOTIFICATION

New Delhi, the 24th January, 2025

F. No. FX-1/3/2024-PR.—In partial modification of the Ministry of Finance (Department of Economic Affairs) Notification No. F. No. 5/7/2003-ECB&PR dated 22nd December, 2003 and Ministry of Finance (Department of Financial Services) Notification No. F. No. 1/3/2016-PR dated 31st January, 2019, the Central Government has decided to introduce Unified Pension Scheme, as an option under the National Pension System for the employees of the Central Government who are covered under the National Pension System.

2. 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

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