Overview
- The option covers roughly 23 lakh central government employees under NPS, past NPS retirees, and eligible spouses of deceased subscribers.
- Requests must be submitted by November 30 either online through CRA portals operated by NSDL or Protean or via signed physical forms at designated nodal offices.
- Those who do not file by the cutoff will continue under the market-linked National Pension System with no assured pension.
- UPS offers an assured pension calculated on the last 12 months’ basic pay, qualified service and corpus, with family pension, dearness relief and a minimum Rs 10,000 monthly payout for eligible cases.
- Employees contribute 10% of basic pay plus dearness allowance while the government contributes 18.5%, and a one-time option allows switching back to NPS later.