HomeBusinessUPS Claims Soar: Centre...

UPS Claims Soar: Centre Fast-Tracks Nearly 5,000 Payments Out of 7,253 Received | Personal Finance News

New Delhi: The Finance Minister said on Monday that 7,253 claims have been received under the Unified Pension Scheme (UPS) so far, and 4,978 of these claims have been processed for payment as of July 20, 2025.

There are a total of 25,756 retired Central government employees who qualify for extra benefits under UPS. These eligible people are Central government employees who have retired, passed away, or retired early under specific government rules (Fundamental Rules 56 (j)) on or before March 31, 2025, and who completed at least 10 years of service while covered under the National Pension System (NPS).

UPS was introduced as an option under the NPS for Central government employees who are part of the NPS. There is no plan to extend these UPS benefits to other pension schemes or sectors.

Because employees and associations requested it, the deadline to opt for UPS was extended by three months and is now September 30, 2025.

The government also extended the benefits of retirement and death gratuity (a lump sum payment) to Central government employees covered by UPS, under specific government rules established in 2021.

Government employees who choose UPS will also be eligible for other government pension benefits under CCS (Pension) Rules, 2021 or CCS (Extraordinary Pension) Rules, 2023, if they die during service or are discharged due to disability or invalidation.

Importantly, the government has now also extended the same tax benefits to UPS that are available under NPS, as per the Income Tax Act, 1961. This tax relief is intended to encourage employees to opt for UPS by providing similar financial incentives and parity with NPS.

 

 

Source link

- A word from our sponsors -

spot_img

Most Popular

More from Author

- A word from our sponsors -

spot_img

Read Now

Optical illusion: Only 1% of people can spot the hidden face in this burger. Can you?

Optical illusions have gained a lot of popularity recently, as they get our brain to exercise, and can be the perfect test of our observational skills and keen eye. They are also super fun to solve, and can be the perfect recipe for a bored...

Dolly Parton leans on music industry for support amid health scares: Source

Dolly Parton has reportedly been finding comfort in the company of fellow music artists during a challenging period for...

Rs 1 lakh Crore Fund To Mitigate R&D Risks, Spur Private Investment In Cutting-Edge Technologies: Secretary DST | Economy News

New Delhi: The recently launched Rs 1 lakh crore Research Development and Innovation (RDI) fund, particularly focused on India's private sector, aims to support the private research and innovation mindset among players and mitigate the financial risks associated with it.   Speaking at a workshop organised by the Department...

With presidents and royalty in attendance, Egypt unveils $1bn cultural ‘GEM’

Prime ministers, presidents and royalty descended on Cairo on Saturday to attend the spectacle-laden inauguration of a sprawling new...

Obituary: James Watson

Getty ImagesIn February 1953, two men walked into a pub in Cambridge and announced they had found "the secret of life". It was not an idle boast.One was James Watson, an American biologist from the Cavendish laboratory; the other was his British research partner, Francis Crick....

T Rabi Sankar: Frauds up since July, battle on

MUMBAI: RBI deputy governor T Rabi Sankar said the fight against digital fraud is far from over, noting that the decline seen earlier this year reversed in July, with cases rising again.He said fraud levels had been falling since the start of the year before...

iOS 26.1 update boosts iPhone security and performance improvements

NEWYou can now listen to Fox News articles! Apple's iOS 26.1 update is more than a standard patch. It boosts security, speeds up performance and adds practical upgrades to features you already use. The update fixes dozens of vulnerabilities that impact Safari, Photos and Apple...

Florence Welch opens up about ectopic pregnancy and doubts about releasing new music

Florence Welch opens up about ectopic pregnancy and doubts about releasing new music - CBS News ...

Elon Musk’s $1tn pay deal approved by Tesla shareholders

Tesla shareholders have approved a record-breaking pay package for boss Elon Musk that could be worth nearly $1tn (£760bn).The unprecedented deal was approved by 75% of Tesla shareholders who cast votes at the firm's annual general meeting on Thursday.The deal requires Musk, who is already the world's...