Business
Want To Switch From UPS To NPS? Here’s How You Can Do It; Deadline Is….
New Delhi: The Government of India has rolled out new rules for the Unified Pension Scheme (UPS). This gives central government employees an option to switch under the National Pension System (NPS). Effective from April 1, 2025, the scheme ensures employees get an assured payout after retirement, offering more security for their post-retirement years.
The Finance Ministry has announced that September 30, 2025 will be the last date for eligible employees and retirees under NPS to switch to the Unified Pension Scheme (UPS). After this deadline, those who decide to continue with NPS will not be allowed to shift to UPS later.
Unified Pension Scheme (UPS) Explained
The Unified Pension Scheme (UPS) is a new option introduced under the National Pension System (NPS) for central government employees. It gives them the benefit of an assured payout after retirement, ensuring financial stability in their later years. The scheme officially came into effect on April 1, 2025. (Also Read: Hurry! Only 10 Days Left To File ITR—Check If You Have Filed It Correctly)
UPS vs NPS: Key Differences
While NPS returns can fluctuate with the market, UPS carries low risk since the pension is guaranteed. Under UPS, employees get a minimum assured pension of Rs 10,000 per month after completing 10 years of service, regardless of market performance. (Also Read: Neutral On Indian Equities, GST Reforms To Boost Consumption: Report)
Who Can Opt for UPS?
Only central government employees currently enrolled under NPS can apply for the Unified Pension Scheme (UPS). To be eligible, you must:
– Be a serving central government employee as of April 1, 2025
– Already be registered under the NPS
– Wish to shift to the new UPS for assured pension payouts
How to Switch from NPS to UPS (Online Process)
Step 1: Visit the eNPS Portal
– Go to: eNPS Portal
– Select “NPS to UPS Migration” under the Unified Pension Scheme section
Step 2: Enter Your Details
– Enter your PRAN (Permanent Retirement Account Number)
– Enter your Date of Birth
– Fill in the Captcha and click “Verify PRAN”
Step 3: OTP Verification
– An OTP will be sent to your registered mobile number or email ID
– Enter the OTP to continue
Step 4: Accept the Declaration
– A declaration window will appear
– Tick the acceptance box and click “Proceed to e-Sign”
– Note: Once submitted, this choice is final and cannot be changed
Step 5: e-Sign Using Aadhaar
– Enter your Aadhaar number or Virtual ID (VID)
– Click “Send OTP”
– Enter the OTP received on your Aadhaar-linked mobile number and click “Verify OTP”
Step 6: Get Confirmation
– Your migration request will be submitted
– An Acknowledgement Number will be generated
– Download the e-signed migration form for your records//
Offline Option to Apply for UPS
If you prefer the offline route, you can also apply for UPS through forms. Here’s how:
Download the Form: Get Form A2 from NSDL UPS Portal. (Form A1/A2 may be used depending on eligibility.)
Submit the Form: Fill it and get it verified by your Head of Office.
Approval Process: The form is then routed through the DDO → PAO/CDDO → Central Recordkeeping Agency (CRA).
PRAN Allocation: The CRA will generate your Permanent Retirement Account Number (PRAN).
First Contribution: Your first contribution must be credited within 20 days of application or joining date.
Family Pension Under UPS
If the pension holder passes away after retirement, the legally wedded spouse will receive a family pension equal to 60 per cent of the payout that the pension holder was getting just before their demise. This applies to the spouse who was legally married at the time of retirement (whether superannuation, voluntary retirement, or retirement under FR 56(j)).
Business
Lesson from China’s export restrictions: India eyes fertilizer plant project in Russia; aim to protect against supply shocks – The Times of India
Indian fertiliser companies are preparing to set up a urea manufacturing facility in Russia, a move that is likely to be announced during Russian President Vladimir Putin’s visit to India in December. This would be India’s first fertiliser venture in Russia.The plant will use Russia’s abundant ammonia and natural gas reserves, ensuring a stable supply of this key agricultural input and reducing India’s reliance on volatile global prices, according to a report by ET.State-owned Rashtriya Chemicals and Fertilisers (RCF) and National Fertilisers Ltd (NFL), along with government-backed Indian Potash Ltd (IPL), have signed a non-disclosure agreement (NDA) with Russian partners to begin planning the project, the report said.The plant is expected to produce over 2 million tonnes of urea annually. Negotiations are ongoing on land allocation, natural gas, ammonia pricing and transportation logistics.India depends largely on imports of raw materials like ammonia and natural gas for its domestic fertilizer production.The Russian facility is expected to shield India from future price shocks and supply disruptions. It will also strengthen economic ties between the two countries, which already collaborate in energy, defence and agribusiness.The project comes after India faced an acute fertiliser shortage during this year’s kharif (monsoon) season, when China temporarily halted exports of urea and other nutrients.The disruption forced India to seek supplies from other markets at higher costs, raising concerns about food production.Demand for fertilizers has gone up due to well-distributed monsoon rains. Consequently, nutrient-rich crops like maize are being grown by farmers.During the winter season, the need for urea increases even further for rabi crops such as wheat.In order to keep fertilisers accessible and affordable for farmers, they are regulated and subsidised in India, contributing to food security. The burden of government subsidies rises as global prices rise.The initial budget of Rs 1.68 lakh crore was increased to Rs 1.92 lakh crore for FY25 for the Department of Fertilisers. India’s domestic urea production hit a record 31.4 million tonnes in FY24.Despite these efforts, India still relies heavily on imports for raw materials and is the second-largest user as well as the third-largest producer of fertilizers globally.
Business
Strike dates set in union’s pay dispute with defence company Leonardo
Workers at a leading defence and aerospace company are set to go on strike in November in a dispute over pay.
Unite says more than 3000 workers at Leonardo UK’s facilities in Scotland and England will walk out after the company refused to improve its pay offer.
The company is involved in a number of defence projects, with its site in Edinburgh producing advanced radars for military aircraft.
Workers at Leonardo’s Edinburgh and Newcastle sites will strike between November 5 and 6, then again between November 10 and 18.
At the Yeovil, Luton and Basildon sites, workers will strike between November 5 and 6, then again between November 12 and 13.
Union officials said staff were refused a better deal after declining the initial offer of 3.2%, which the union said represents a real-terms pay cut.
Unite general secretary Sharon Graham said: “Our members are highly skilled and work on critical defence and aerospace systems, yet are being short-changed by a company making billions.
“Leonardo has had ample opportunity to do the right thing and make a decent offer that our members could have accepted. Instead, they have refused and will now see the anger of our members on the picket line outside their factories.
“This is a dispute entirely of their own making and our members will have the full support of Unite in their fight for decent pay.”
Leonardo UK has been approached for comment.
Business
‘India won’t sign any trade deal with a gun to head’: Piyush Goyal’s clear message amid talks with US, EU; ‘will reject restrictive conditions’ – The Times of India
At a time when India is engaged with the US and European Union for trade talks, Commerce Minister Piyush Goyal has made it clear that no trade deal will be signed in a hurry. “We are in active dialogue with the EU. We are talking to the US, but we do not do deals in a hurry and we do not do deals with deadlines or with a gun to our head,” Goyal said at the Berlin Global Dialogue according to a Reuters report. Goyal said that India will not rush into any trade deals. He also said that any conditions that may be set by partner countries that restrict India’s trading options will be rejected.
The EU-India free trade agreement discussions continue, but there are unresolved matters concerning market accessibility, environmental protocols, and origin regulations. These negotiations have been ongoing for an extended period.Also Read | Trump’s sanctions on Russian oil: How Reliance, Nayara Energy earnings will be hit – explainedAlongside these talks, India is also actively pursuing trade deal discussions with several countries, including the United StatesGoyal’s comments come at a time when India is facing pressure from the Donald Trump administration and the European Union for its continued purchases of Russian crude oil. The US has imposed 50% tariffs on Indian exports to America, 25% of which are penal duties for India’s crude oil trade with Russia.The European Union, United Kingdom and United States are urging New Delhi to reduce its imports of Russian crude at discounted rates, which Western countries allege supports Moscow’s military operations in Ukraine.India has shown openness to procure US energy and diversify its crude basket, but has been firm on its right to decide the source of crude oil purchases based on the interests of Indian consumers.US President Donald Trump has claimed that PM Narendra Modi has committed to reducing Russian crude oil trade, but no official word on the same has come from India’s side. Meanwhile, Trump has this week imposed sanctions on two major Russian crude suppliers – Rosneft and Lukoil – a move that may eventually force China and India to reduce their procurement of Russian oil.Also Read | No oil from Russia soon? Trump sanctions to hit India’s crude imports; ‘all but impossible for flows to continue’
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