Centre has officially notified the implementation of the Unified Pension Scheme, UPS. Government had introduced Unified Pension Scheme in August last year, as an option under the National Pension System for Central Government employees.The scheme will come into effect from 1st April this year.The notification issued yesterday stated that UPS shall be applicable to Central Government employees who are covered under the National Pension System and who choose this option under NPS.Existing central government employees and future employees can choose to either take the UPS option under the NPS or continue with the NPS without the UPS option.According to the notification, any employee who has exercised the UPS option cannot claim any other policy concession, policy change, financial benefit, any parity with subsequent retirees later including post-retirement.
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