Key points about Finance Minister Nirmala Sitharaman’s announcement about the Unified Pension Scheme (UPS):
- Introduction of UPS: Finance Minister Nirmala Sitharaman introduced the Unified Pension Scheme (UPS) as a new initiative aimed at enhancing the existing National Pension System (NPS).
- Not a Rollback: Sitharaman clarified that UPS is not a rollback of the NPS or the Old Pension Scheme (OPS), but a new package designed to help government employees.
- Government Employees: The scheme is specifically targeted at central government employees who are now subscribers of the NPS.
- Guaranteed Pension: UPS guarantees employees 50% of their average basic pay over the last 12 months before retirement as a pension, provided they have a basic qualifying service of 25 years.
- Proportionate Pension: For employees with a service period of less than 25 years but at least 10 years, the pension will be proportionate.
- Minimum Pension: The scheme assures a minimum payout of ₹10,000 per month on superannuation after a baseline of 10 years of service.
- Flexibility and Choice: Sitharaman emphasized that the scheme offers flexibility and choice, aligning with the government’s approach to governance.
- No Additional Burden: The scheme is designed to help employees without imposing an additional financial burden on the government.
- Opposition’s Claims: The Finance Minister countered claims by the opposition that the scheme shows a U-turn, asserting that it is an improvement rather than a rollback.
- Adoption by States: Sitharaman expressed hope that most states would adopt the UPS due to its many benefits for employees.
-
Microsoft sacks two employees on call for organising vigil for Palestinians killed in Gaza war
IT giant Microsoft sacked two employees on call after they organised an unauthorised vigil at the company’s headquarters for Palestinians killed in Gaza during Israel’s war with Hamas, reported news …
-
JioHotstar domain saga: Meet Jainam and Jivika Jain, Dubai siblings who now own the domain
Delhi-based app developer who bought the rights to the JioHotstar domain and asked Reliance and Viacom18 to fund his college fees has reportedly sold it to two siblings in Dubai.. …
-
Swiggy Instamart rolls out new shopping list feature after netizen’s social media post goes viral on X
Online food and quick commerce giant Swiggy launched a new feature this festive season that allows users to easily scan, write or say their entire shopping list and build a …
-
Videos: Latest News Videos, Top News Videos, News Videos, Top News Videoshows
OPEN IN APP. Business News/ . Videos. home. Tesla Owner Elon Musk Got Richer by $33 Billion in a Day; Here’s What Happened. . 25 Oct 2024. The world’s richest …
-
JSW Steel expects H2 turnaround after imports wash out Q2 margins
Mumbai: JSW Steel expects its margins to improve in the second half of FY25 as steel prices recover after touching multi-year lows in September, while the company’s cost-cutting measures continue …
-
Nita Ambani launches Health Seva Plan. All you need to know about healthcare plan for women and children
Nita Ambani, the Founder and Chairperson of Reliance Foundation, announced a new Health Seva Plan for testing and treating children, adolescent girls, and women on the anniversary of Sir H …