Unified Pension Scheme is a U-turn That Will Have Severe Fiscal Implications
3 months, 4 weeks ago

Unified Pension Scheme is a U-turn That Will Have Severe Fiscal Implications

The Quint  

It is important to note that the NPS was introduced by the Vajpayee government because of a "fundamental issue" associated with the OPS, that is, it was unfunded and will ultimately balloon the nation’s fiscal deficit to unsustainable levels. In 1990-91, the Centre’s pension bill was Rs 3,272 crore, and the outgo for all states put together was Rs 3,131 crore. By 2020-21, the Centre’s bill had jumped 58 times to Rs 1,90,886 crore; for states, it had shot up 125 times to Rs 3,86,001 crore.” According to Union Information and Broadcasting Minister Ashwini Vaishnaw, the UPS has five key features: Assured Pension Assured Minimum Pension Assured Family Pension Inflation Indexation Lumpsum Payment at Superannuation The UPS announcement needs to be put in appropriate political and economic contexts. The scheme will have significant fiscal implications for a government that is already fiscally stretched and has a ballooning government debt-to-GDP ratio. Most states returning to the OPS have been Opposition-run states – and the Bharatiya Janata Party argued it was being offered as ‘revdi’ to voters for electoral gains.

History of this topic

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