Narendra A. Patil, Divisional Railway Manager (DRM), Vijayawada Division, presided over a press conference on Tuesday to announce the introduction of the Unified Pension Scheme (UPS), recently approved by the Union Cabinet. The scheme is set to come into effect from the next financial year, FY 2025-26.
The DRM described the Unified Pension Scheme as a transformative initiative for government employees, offering assured pensions, inflation-indexed dearness relief, and financial security for dependent family members. He noted that the policy was formulated after extensive consultations with trade unions, state governments, and financial experts. The DRM further stated that the UPS would be available to all central government employees currently subscribers of the New Pension Scheme (NPS). He emphasised that approximately 23 lakh central government employees would benefit from the newly announced scheme. Specifically, around 14,000 employees working in the Vijayawada Division of South Central Railway (SCR) are expected to benefit, out of the total 18,000 employees in the Division.
Katta Anand, Senior Divisional Personnel Officer, Vijayawada Division, SCR, elaborated on the one-time switch option from NPS to UPS, stating that once this option is exercised, there would be no possibility of reverting to the NPS. He also highlighted that while employee contributions would remain unchanged, the government’s contribution increased from 14% to 18.5%. Anand further noted that a lump sum payment and superannuation gratuity are other attractive features of the UPS policy.
The press conference concluded with a vote of thanks from Nusrat M. Mandrupkar, Public Relations Officer (PRO), Vijayawada Division, who expressed gratitude.
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