Source : INDIATV NEWS

The Railway Ministry has directed all 17 zones to urgently inform employees about their options under the new Unified Pension Scheme. In a circular dated May 21, the ministry stressed the need for clear and proactive communication and called for facilitation camps to assist staff with queries.

New Delhi:

The Railway Ministry has directed all 17 zonal railways to promptly and effectively inform their staff about the options available under the Unified Pension Scheme (UPS). In a written communication to the Principal Chief Personnel Officers, the ministry emphasised the need for immediate and proactive measures to disseminate clear, accurate, and comprehensive information regarding the UPS. “It is essential that employees are well-informed and supported in making their decisions,” the letter noted.

To facilitate this, the ministry has instructed zones to organise facilitation camps across various locations. These camps are to be staffed with personnel from human resources, finance, and subject matter experts to guide employees, address their concerns, and assist with the registration process. The ministry also mandated that zones maintain detailed records of these camps, including dates, locations, number of attendees, and the number of employees who completed their registration.

The Unified Pension Scheme, introduced by the Union government, offers a guaranteed pension and is available to new recruits and existing employees who wish to opt out of the National Pension System (NPS).

Key features of the Unified Pension Scheme (UPS):

  1. Assured Pension: Employees with at least 25 years of qualifying service will receive 50% of the average basic pay (of the last 12 months) as a monthly pension.
  2. Minimum Guaranteed Pension: Rs 10,000 per month for those with at least 10 years of service.
  3. Lump Sum Retirement Benefit: A lump sum equal to 10% of basic pay plus Dearness Allowance for every completed six months of service is payable on retirement.
  4. Irrevocable Option: Once an employee opts for UPS, the decision is final and cannot be changed.

Eligible employees must exercise their option within three months from April 1, 2025, or within any extended timelines the Central Government allows.

(With PTI inputs)

 

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