Middle path: On the Unified Pension Scheme
The Centre has restored guaranteed pensions for its employees, meeting their demand halfway, and weakly trying to hold on to principles of fiscal prudence. Pension schemes around the world, whether contributory and market linked or underwritten by the exchequer, are facing a crisis, due to multiple factors, including demographic reasons. The Unified Pension Scheme, approved by the Cabinet, promises a pension of 50% of the average basic pay of the last 12 months before retirement and a minimum pension of ₹10,000 for those who worked for at least 10 years. The Centre’s share towards the scheme was increased from 14% under the NPS to 18.5%, which Prime Minister Narendra Modi has said will ensure government employees dignity and financial security. Government employees are an organised pressure group, and having managed to restore their guaranteed pension, they should wholeheartedly welcome the UPS, rather than protest against employee contribution.
Unified Pension Scheme: How does it differ from the Old and New Pension Scheme?
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