Why in News? 

The Finance Ministry, recently extended the deadline for opting into the Unified Pension Scheme (UPS) by three months, setting the new cut-off date as September 30. 

About Unified Pension Scheme 

• Applicability:  Applies to Central Government employees who are already under the National Pension System (NPS) and opt for UPS.
  
• Eligibility 
  • Both existing and future Central Government employees under NPS can choose UPS. 
  • Employees can either switch to UPS or continue with NPS.
    
• Irrevocability: Once an employee opts for UPS, the decision is final and cannot be changed. 
• Administrative Authority: The Unified Pension Scheme is overseen by the Department of Financial Services, which operates under the Ministry of Finance.
  
• Regulation: The Pension Fund Regulatory and Development Authority (PFRDA) may frame rules for implementing UPS.
  
• Implementation Date: UPS will be effective from April 1, 2025.