Government Extends Deadline to Opt for Unified Pension Scheme
The scheme, notified by the Ministry of Finance and operationalised by PFRDA, covers eligible Central Government employees, past retirees, and legally wedded spouses of deceased past retirees.
The Ministry of Finance, Government of India, had notified the Unified Pension Scheme (UPS) for eligible Central Government employees through Notification No. F. No. FX-1/3/2024-PR dated 24th January 2025.
To implement the scheme, the Pension Fund Regulatory and Development Authority (PFRDA) issued the PFRDA (Operationalisation of the Unified Pension Scheme under NPS) Regulations, 2025 on 19th March 2025.
The Interim PFRDA was initially set up on August 23, 2003, as an interim body to oversee and promote the pension sector in India. Later, from May 1, 2009, the National Pension System (NPS) was made available to all citizens, including self-employed individuals and those in the unorganized sector, on a voluntary basis.
Know How to Investigate Books of Accounts and Other Documents, Click Here
The PFRDA Bill was passed in the Lok Sabha on September 4, 2013, and received the President's approval on September 19, 2013. It was introduced in the Rajya Sabha on September 6, 2013, during the Monsoon Session and replaced the earlier 2003 version.
The President of India is considered the guardian of PFRDA under financial emergency powers mentioned in the Constitution. PFRDA became a fully autonomous body in the financial year 2014-15.
Get a Handbook on TDS Including TCS as Amended up to Finance Act 2024, Click Here
Under these regulations, eligible existing employees, past retirees, and legally wedded spouses of deceased past retirees were initially given time until 30th June 2025 to exercise their option under the scheme.
However, considering requests from various stakeholders for more time, the Government extended the cut-off date by three months. The revised deadline for exercising the option was fixed as 30th September 2025.
Support our journalism by subscribing to Taxscanpremium. Follow us on Telegram for quick updates
