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Will the UPS significantly increase the financial burden on states by mid-2025?
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Indian•NDA•Unified Pension Scheme•UPS•Ashwini Vaishnaw•BJP•New Pension Scheme•NPS•Assembly•CPI•Rajya Sabha•Deepak Prakash•Modi
Resolution / Starting Odds
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Reports from state finance departments or relevant government financial audits
Story
NDA Launches Unified Pension Scheme Offering 50% Pension to 23 Lakh Government Employees
Aug 24, 2024, 05:27 PM
The Indian government, led by the NDA, has launched the Unified Pension Scheme (UPS), a new pension policy aimed at providing federal government employees with a guaranteed pension. Union Minister Ashwini Vaishnaw announced that the scheme ensures a pension of 50% of the average basic pay drawn over the last 12 months before retirement, provided the employee has completed a minimum of 25 years of service. This initiative comes amid protests from several non-BJP-ruled states over the existing New Pension Scheme (NPS) and just ahead of Assembly polls in four states. Employees will have the option to choose between the UPS and the NPS. The scheme is expected to benefit 23 lakh government employees and has sparked political debates, with opposition parties, including CPI leaders, criticizing it as a response to their demands. Rajya Sabha MP Deepak Prakash noted that the UPS offers greater benefits compared to the old pension schemes. The UPS is seen as a significant move by the Modi government, but it may add to the financial burden of states if widely adopted.
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