Finance Ministry To Notify Operational Framework For Unified Pension Scheme Soon

The Finance Ministry is seeking to "quickly" notify the operational framework for the Unified Pension Scheme (UPS), according to Department of Financial Services Secretary Nagaraju Maddirala.

Further, Maddirala added that a meeting with presidents of debt recovery tribunals is also set to take place on Sept. 21 to review developments at the various entities.

Maddirala spoke to reporters at the sidelines of the NPS Vatsalya launch in New Delhi. However, there was no update on the states that are interested in adopting the UPS.

Already approved by the Cabinet, the UPS will be implemented on April 1, 2025. However, the operational guidelines are yet to be announced, which will outline calculation mechanisms that vary based on factors like years since retirement under the National Pension Scheme, personal and government contributions and money withdrawn at the time of retirement.