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News18
12 hours ago
- Politics
- News18
Unified Pension Scheme: Employees Now Eligible For Retirement, Death Gratuity Benefits, Says Minister
Last Updated: Jitendra Singh, the Minister of State for Personnel, says the new provision reflects government's commitment to ensure social security for all categories of employees under NPS. All central government employees part of the Unified Pension Scheme (UPS) will now be eligible for retirement and death gratuity benefits available under the Old Pension Scheme (OPS), Union Minister Jitendra Singh said on Wednesday. Responding to this long-pending demand by a large section of government employees, he said, the move addresses a significant demand of government staff and brings parity in retirement benefits. Singh, the Minister of State for Personnel, said the new provision reflects the government's commitment to ensure social security for all categories of employees under the National Pension System (NPS). Addressing a presser on the 'transformational" journey of the Ministry of Personnel, Public Grievances and Pensions over the last 11 years, he highlighted a series of reforms aimed at simplifying governance, empowering citizens, and humanising administration. Central government employees covered under the UPS will now be eligible for retirement and death gratuity benefits, as per the provisions of the Central Civil Services (Payment of Gratuity under National Pension System) Rules, 2021, Singh said. The Department of Pension and Pensioners' Welfare (DoPPW), under the Personnel Ministry, on Wednesday issued an order on the 'options to avail benefits under Old Pension Scheme on death of government servant during service or his discharge from government service on account of invalidation or disability for central government servants covered under Unified Pension Scheme". 'The order gives an employee the option to revert to OPS in case of death in service. It is progressive in nature and addresses the clarifications being sought by employees," DoPPW Secretary V Srinivas told PTI. President of the All India NPS Employees Federation, Manjeet Singh Patel, welcomed the order and termed it a historic and much-needed move by the government. Patel said the inclusion of death-cum-retirement gratuity in UPS will remove all the misconceptions of the employees. He said, the inclusion of OPS benefits in case of death or disability of any employee during the service under UPS is a great justice. 'Therefore, a lot of employees will opt for the UPS now," Patel said. The DoPPW had notified the Central Civil Services (Implementation of National Pension System) Rules, 2021, to regulate service-related matters of central government employees covered under the NPS. Under these, Rule 10 provides for the option to be exercised by every central government employee covered under the NPS for availing benefits under the NPS or the Old Pension Scheme in the event of death of a government servant during service or his discharge on the ground of invalidation or disablement. 'UPS has been notified as an option under the NPS. Therefore, it has been decided that the central government civil employees who opt for UPS under the NPS shall also be eligible for option for availing benefits under UPS or the CCS (Pension) Rules, 2021 or the CSS (Extraordinary Pension) Rules, 2023 in the event of death of the government servant during service or his discharge on the ground of invalidation or disablement," the order said. The finance ministry, on January 24, issued a notification regarding the introduction of UPS as an option under the NPS for recruits to the central government civil service with effect from April 1, 2025. It gives a one-time option to the central government employees covered under the NPS for inclusion under the UPS. Every central government servant who opts for the UPS under the National Pension System shall, at the time of joining the service, exercise an option in Form 1 for availing benefits under the UPS or under the CCS (Pension) Rules, 2021 or the CCS (Extraordinary Pension) Rules, 2023 in the event of his/her death or boarding out on account of disablement or retirement on invalidation, the order said. 'Existing government servants, who have opted for the Unified Pension Scheme under the National Pension System, shall also exercise such option as soon as possible after the notification of these clarifications," it said. In the case of the death of a government servant while in service, the last option exercised by the deceased employee before his death shall be treated as final, and the family shall have no right to revise the option, said the order issued to all central government departments. The DoPPW also issued another order on Wednesday to clarify that the central government employees covered under the UPS shall also be eligible for the benefit of retirement gratuity and death gratuity under the provisions of the Central Civil Service (Payment of Gratuity under National Pension System) Rules, 2021. DoPPW Secretary Srinivas said this order 'brings parity between the NPS and UPS pensioners and they will be eligible for Rs 25 lakh gratuity also". Both these orders were released by Singh during the conference. What Is Unified Pension Scheme? The Union Cabinet in August 2024 approved the Unified Pension Scheme (UPS), for an assured pension post-retirement. The UPS has been implemented from April 1, 2025. The move comes after the long-pending demand of the central government employees to reform the new pension scheme (NPS). It is the latest pension scheme for government employees. Under the UPS, there will be a provision of a fixed assured pension, unlike the New Pension Scheme (NPS) which does not promise a fixed pension amount. The Unified Pension Scheme has five pillars: Assured Pension: Under the UPS, the fixed pension will be 50 per cent of the average basic pay drawn over the last 12 months prior to superannuation for a minimum qualifying service of 25 years. This pay is to be proportionate for lesser service period up to a minimum of 10 years of service. Assured Family Pension: It will also have an assured family pension, which is 60 per cent of the pension the employee was receiving. It will be given immediately in case of the retiree's demise. Assured Minimum Pension: In the case of superannuation after a minimum 10 years of service, the UPS has a provision of an assured minimum pension of Rs 10,000 per month. Inflation Indexation: There is a provision of indexation benefit on assured pension, on assured family pension and assured minimum pension. top videos View all Gratuity: Lump-sum payment at superannuation in addition to gratuity. It will be 1/10th of the monthly emolument (pay + dearness allowance) as on the date of superannuation for every completed six months of service. This payment will not reduce the quantum of assured pension. (With Inputs from PTI) About the Author Business Desk A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover More Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! tags : National Pension Scheme (NPS) Location : New Delhi, India, India First Published: June 18, 2025, 19:19 IST News business » savings-and-investments Unified Pension Scheme: Employees Now Eligible For Retirement, Death Gratuity Benefits, Says Minister
Time of India
14 hours ago
- Business
- Time of India
Are banks open today this Juneteenth, June 19? Here's what's open and closed—including post offices, UPS, FedEx, the stock market, and government offices
What is Juneteenth and why is it a federal holiday? Are post offices open on Juneteenth 2025? All post offices will be closed on Thursday, June 19. There will be no regular residential or business mail delivery that day. However, Priority Mail Express will still operate, as it runs 365 days a year, including federal holidays. Live Events Will banks be open on Juneteenth 2025? Bank of America Wells Fargo JPMorgan Chase PNC Truist CitiBank Capital One (Note: Capital One Cafés will remain open) Will UPS be delivering packages on Juneteenth? Pickup and delivery services will be available. UPS Store locations will be open. However, store hours may vary by location, so it's a good idea to check with your local store for exact opening times. Is FedEx running deliveries on June 19? All pickup and delivery services will run normally. FedEx Office locations will stay open across the country. What about government offices and public transit? Federal offices : Closed, including Social Security, DMV, and IRS offices. : Closed, including Social Security, DMV, and IRS offices. State and local offices : Many will follow the federal schedule, though closures may vary by state. : Many will follow the federal schedule, though closures may vary by state. Public transportation: Most systems, like subways and city buses, are expected to operate on a normal weekday schedule. Are stores, restaurants, and pharmacies open on Juneteenth? Walmart Target Costco Kroger CVS and Walgreens (though some pharmacy counters may have limited hours) What's open and closed on Juneteenth 2025? Service Status Banks (in-person branches) ❌ Closed ATMs & mobile banking ✅ Open USPS mail & post offices ❌ Closed Priority Mail Express ✅ Open UPS & FedEx ✅ Open NYSE, Nasdaq, bond markets ❌ Closed Federal offices ❌ Closed State/local offices ⚠️ Varies Public transportation ✅ Running Retail stores, restaurants, etc. ✅ Open National parks ✅ Open (free) What should you do to prepare for Juneteenth closures? Visit your bank or post office before Thursday, June 19. Use online banking or mobile apps for urgent transactions. If you're mailing something, consider using FedEx or UPS. Double-check UPS Store hours or FedEx Office hours in your area. Keep in mind that government offices, libraries, courts, and many schools may also be closed. FAQs: (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Juneteenth 2025 falls on Thursday, June 19, and it's important to know which services will be available as many businesses, banks, and government offices may close in observance of the federal holiday. Since being declared a federal holiday in 2021, Juneteenth has joined the official list of U.S. holidays, meaning millions of Americans now get a paid day off. If you're planning to mail a package, visit your bank, or stop by the post office, you'll want to plan accordingly. Here's everything you need to know about what's open and closed on Juneteenth also known as Freedom Day or America's Second Independence Day, marks the day in 1865 when Major General Gordon Granger arrived in Galveston Bay, Texas, and announced the end of slavery—two and a half years after President Lincoln's Emancipation Proclamation. The announcement freed over 250,000 enslaved Black people in Texas, and it remains a powerful day of remembrance and 2021, President Joe Biden signed legislation making Juneteenth an official U.S. federal holiday, and since then, most government offices and many private employers give workers the day you're wondering about mail delivery on Juneteenth, here's what the U.S. Postal Service (USPS) says:So if you need to mail something important, it's a good idea to get it done before June major U.S. banks will not be open on Juneteenth this year. That includes:If you need to do any banking in person, plan to take care of it before Thursday, or use online and mobile banking options, which will remain available throughout the news if you're expecting a delivery: UPS will operate as usual on Juneteenth 2025. According to the UPS holiday schedule:UPS is not a government-run service, so it does not automatically close on federal holidays like USPS will also be fully operational on Juneteenth:So if you're relying on FedEx for a shipment or expecting an important delivery, services will continue without most retail stores and restaurants are open, including:Fast food chains and local restaurants should also be open, though it's always a good idea to check ahead with smaller you're planning to use services that may be affected by Juneteenth closures, here's a quick checklist:Juneteenth is a meaningful national holiday that honors the end of slavery in the United States. While banks and post offices will be closed on June 19, UPS and FedEx will operate as usual. Make sure to plan ahead if you have errands to run or packages to send. For full details, check the official websites of USPS, UPS, and FedEx, or contact local branches most banks are closed today because Juneteenth is a federal USPS is closed and there's no regular mail delivery today.
Business Insider
15 hours ago
- Business
- Business Insider
As the Fed waits on the impact of tariffs, some are already feeling it
Happy Juneteenth! Since the BI Today team is off for the holiday, we're running an abbreviated version of the newsletter. But we've still got time for a scoop! Meta's deal with Scale AI has left its Big Tech clients eager to distance themselves from the company. In today's big story, the Fed is holding firm on interest rates as Fed Chair Jerome Powell waits to see the impact of Trump's tariffs. However, some people are already feeling them. The big story Holding pattern Getty Images; Alyssa Powell/BI Stop me if you've heard this before: The Fed didn't cut interest rates as it waits to see the impact of tariffs. For the fourth-straight time this year, the central bank chose not to adjust interest rates. And as was the case before, the impact of President Donald Trump's trade war was a key part of the decision, writes BI's Allie Kelly. It's tricky to navigate for multiple reasons. First, the ultimate severity of the tariffs is unclear as negotiations are ongoing. Second, the financial data hasn't yet indicated notable price changes due to the trade war. Still, Powell said he ultimately expects the cost of tariffs will fall to the consumer. "We expect a meaningful amount of inflation to arrive in the coming months," Powell said Wednesday, adding, "Someone has to pay for the tariffs." In some cases, it's already happening. (Much to the surprise of the customer.) BI's Emily Stewart has a story on the sticker shock customers are getting when steep import bills arrive on their doorsteps. Some people even questioned the legitimacy of the bills. A customer who purchased an $850 bag from Spain thought the text she got from UPS billing her $250 for the delivery was a scam, she told Emily. It's led to a lot of finger-pointing about who is to blame. Retailers often say their websites explain — albeit oftentimes in the fine print — that import duties are the customers' responsibility. Carriers like UPS and FedEx say they are just passing the bill they had to pay to the US government on to the buyers. Meanwhile, buyers are left frustrated with additional fees they often weren't aware of ahead of time. What's worse: Even if they return the item, they're still on the hook for the tariff bill. In other news AI runs on dirty power — and the public pays the price. CEOs are trying to warn you: Use AI or else Apple, Siri, and the booted blogger: A Conversation with John Gruber. F1's CEO says the job comes with 'no holiday.' He explains how he stays calm under pressure. Sneaker loafers, a hot new shoe trend, toe the line between fashionable and geriatric. Looking for a sign to put off buying an engagement ring? This just might be it. A Chinese herbal-medicine stock with no revenue has surged 60,000% this year. 5 things to know about the company's mysterious spike. Microsoft turned me down twice. Here's what I did differently the third time to get the job. CEOs haven't felt this gloomy about the economy since the pandemic.
Hindustan Times
16 hours ago
- Business
- Hindustan Times
What's open and closed on Juneteenth: Details on stock market, banks, post offices, Costco, Starbucks, Walmart and more
Juneteenth, America's youngest federal holiday, is being observed on Thursday, June 19. Several departments at the local, state and federal levels as well as banks and post offices will remain shut for the day, while restaurants and grocery stores are scheduled to operate as usual. Also popular as 'America's Second Independence Day,' Juneteenth is recognized as a federal holiday in the US since 2021. In the United States, Juneteenth is marked on June 19 every year, providing Americans the opportunity to commemorate the end of slavery. This year, Juneteenth is being observed on Thursday. Juneteenth honors the time when Major General Gordon Granger arrived in Texas' Galveston Bay in 1865 and was joined by 2,000 Union troops. During his visit, he proclaimed that more than 250,000 enslaved African American people in the region were free. This came roughly two and a half years after President Abraham Lincoln signed the Emancipation Proclamation on January 1, 1863. The order outlawed slavery in all the Confederate states. In 2021, Joe Biden announced Juneteenth to be marked as a federal holiday. Post offices across the country remain closed for retail transactions. This means there will be no regular residential or business mail deliveries. Priority Mail Express, meanwhile, remains available 365 days a year, which includes all the federal holidays. People can continue to avail UPS and FedEx pickup and delivery services as usual. Also read: Juneteenth 2025: History, significance and what's open and closed on federal holiday According to The Wall Street Journal, the stock and bond markets will be closed on Thursday. Grocery stores like Costco, Sam's Club, Walmart, Harveys Supermarkets, Winn-Dixie, Meijer, Food Lion, Publix, Whole Foods, Trader Joe's, Aldi, Lidl, Harris Teeter and Wegmans remain open, USA Today reported. The food chains operating as usual include McDonald's, Chipotle, Cava, Burger King, Firehouse Subs, Taco Bell, Waffle House, Cheesecake Factory, Jimmy John's, Wendy's and First Watch. Starbucks, Target and other restaurant and retail stores will be open, but their operating hours may vary by location. It is advised to check with your nearest outlet for the same. Yes. it was recognized as a federal holiday by then-US President Joe Biden in 2021. Banks will remain closed in the US on Thursday. Post offices in the US remain shut for retail transactions. This means, there will be no regular residential or business mail deliveries.
Time of India
17 hours ago
- Business
- Time of India
Big shift in retirement policy: Govt announces Old Pension Scheme-like benefits for UPS employees. Check new changes here
Gratuity benefits under new rules Switching from NPS to UPS Minimum pension and family benefits Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Central government employees enrolled under the Unified Pension Scheme UPS ) will now be entitled to retirement and death gratuity benefits, aligning them with those available under the Old Pension Scheme (OPS), Union minister of state for personnel Jitendra Singh said on Wednesday, according to a TOI move addresses a long-standing demand from staff covered under the National Pension System ( NPS ) and is expected to encourage more employees to shift to the UPS, which offers a defined pension Department of Pensions and Pensioners' Welfare has issued an order clarifying that employees under the UPS will be eligible for benefits under the Central Civil Service (Payment of Gratuity under National Pension System) Rules, 2021. This brings parity in retirement and death gratuity for UPS-covered employees with those under currently under NPS can opt for UPS, which guarantees a fixed monthly pension. The scheme provides 50% of the average basic salary drawn over the last 12 months before retirement, applicable to those with at least 25 years of per the scheme, employees with a minimum of 10 years of service will receive a monthly pension of at least ₹10,000 after retirement. In case of the pensioner's death, the family will be paid 60% of the last pension amount drawn.
