New Delhi, Aug 25: The Finance Ministry has introduced a one-time, one-way switch option for Central Government employees under the Unified Pension Scheme (UPS) to shift to the National Pension System (NPS).

According to an official notification, this facility is available to UPS subscribers up to one year before their superannuation or three months before voluntary retirement.

Employees facing dismissal, removal, or disciplinary action will not be eligible.

The Department of Expenditure (DoE) in the Ministry of Finance is likely to put out operational framework for implementing the unified pension scheme (UPS). This framework will outline the modalities for various scenarios.

According to a Finance Ministry notification, “It has been decided that a one-time, one-way switch facility from UPS to NPS shall be made available to all central government employees who have opted for UPS”.

Once the switch is exercised, employees will no longer be entitled to UPS benefits, including assured payouts. The government’s 4 per cent differential contribution will be added to the individual’s NPS corpus at the time of exit, following PFRDA norms.

The memorandum directs all ministries and departments to inform eligible officials of this provision. This move aims to streamline pension benefits and provide flexibility while reinforcing NPS as a long-term retirement solution.

Recently, Finance Minister Nirmala Sitharaman said that 7,253 claims under the Unified Pension Scheme (UPS) have been received, out of which 4,978 claims have been processed for payment of benefits (as on July 20).

As per the eligibility criteria, there are 25,756 retired Central government subscribers eligible to receive additional benefits under UPS, the minister informed the Parliament.

UPS has been introduced as an option under NPS for the employees of the Central government who are covered under the NPS. There is no proposal under consideration to extend such benefits to other pension schemes or sectors.

Awantipora, Aug 25: In a landmark development to boost innovation and entrepreneurship in Jammu & Kashmir, Dr. Jitendra Singh, Union Minister of State (Independent Charge), Ministry of Science and Technology, today inaugurated two cutting-edge facilities at IUST’s newly developed Innovation Campus in Awantipora. These include the Innovation Technology Business Incubator (iTBI), supported by the Ministry of Science and Technology, and the iFactory under the Centre for Industry 4.0 (C4i4), sponsored by the Ministry of Heavy Industries. Both centers aim to nurture startups, advanced research, and strengthen the region’s innovation ecosystem.

Addressing the gathering, Dr. Jitendra Singh congratulated IUST for setting up advanced labs and positioning itself as a hub of innovation. He announced a special grant of 5 crore to strengthen the university’s innovation and entrepreneurship ecosystem, and will provide handholding support to 30 startups. He noted that India has emerged as a global leader in biotechnology, space technology, information technology, and ocean research, and urged students and researchers to seize these opportunities. He also expressed optimism about the immense entrepreneurial potential of Jammu & Kashmir and the key role of institutions like IUST in realizing it. On the occasion, an Ignition Grants worth Rs 40 lakh was disturbed by the Chief Guest to budding innovators.

The event was graced by Shantmanu, Additional Chief Secretary, Higher Education Department, J&K Government; D. S. Navalgundkar, Founder and CEO, C4i4; Praveen Roy Head TTI Division, DST, Government of India ; senior officers from the Government of India and J&K; Vice-Chancellors of sister universities; and industry leaders.

In his address, Prof. Shakil A. Romshoo, Vice Chancellor, IUST, highlighted the university’s vision of contributing to Viksit Bharat@2047. He shared that every department/Centre at IUST is preparing a comprehensive development plan to align with this vision and strengthen the institution’s role in regional and national growth. Prof. Romshoo further emphasized that IUST has significantly enhanced its ecosystem for innovation, incubation, and startups over the past few years. Accordingly, the University has established a dedicated Innovation Campus that currently hosts nearly ten specialized centers, all working to foster entrepreneurship, technological innovation, and the development of viable startups.

Earlier, welcoming the dignitaries, the Registrar IUST underlined the university’s commitment to building innovation and entrepreneurship as pillars of its academic and societal mission.

4. S. Navalgundkar, CEO of C4i4, emphasized the role of Industry 4.0 technologies and expressed C4i4’s commitment to collaborate with IUST in fostering innovation-driven growth.

Shantmanu appreciated IUST for effectively leveraging Government of India’s initiatives and placing innovation and entrepreneurship at the heart of its institutional development.

The event witnessed wide participation from academia, industry, and government, marking a significant milestone in fostering technology-driven solutions and a vibrant startup culture in the Union Territory. The inaugural function was moderated by Dr. Farhana Allia, while Prof. Parvez A. Mir proposed the formal vote of thanks.