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.
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