India, Jan. 25 -- Union finance ministry notified operationalisation of the Unified Pension Scheme (UPS) as an option under the National Pension System (NPS) for central government employees from April 1, 2025, which will ensure them guaranteed retirement benefits.

"The Unified Pension Scheme shall be applicable to such Central Government employees who are covered under National Pension System and who choose this option under National Pension System," the ministry's January 24 notification said.

Pension Fund Regulatory and Development Authority (PFRDA) may issue regulations for operationalising UPS, it said. "The effective date for operationalisation of the Unified Pension Scheme shall be 1st April, 2025," it added.

The Union cabinet l...