The central government, led by Prime Minister Narendra Modi, has introduced the Unified Pension Scheme (UPS) for central employees. This new scheme will replace the New Pension Scheme (NPS). The cabinet approved the decision on Saturday. The move has sparked a debate between ruling party and opposition leaders.
Many Congress leaders have criticized the introduction of the Unified Pension Scheme (UPS). However, Congress official Praveen Chakraborty has endorsed the decision. On the social media platform X, Chakraborty described the UPS as a significant improvement over the NPS.
Chakraborty’s Endorsement
Chakraborty stated, “Pension for government employees in India is essentially a tax burden on the poor, paid by the elite minority. In 2013, the Old Pension Scheme (OPS) was reformed through the NPS, but the NPS did not guarantee a minimum amount for retirees. The Unified Pension Scheme (UPS) now provides this guarantee.”
Pension for govt staff in India is inherently a tax on the majority poor to pay the elite minority
So, OPS was reformed to NPS in 2013
But NPS did not assure a minimum amount for retired families
Now, UPS does that
UPS = NPS + Min guaranteeThis is prudent & welcome https://t.co/1Lz4GVuJyo
— Praveen Chakravarty (@pravchak) August 25, 2024
He added, “UPS = NPS + Minimum Guarantee. This is prudent and welcome.”
Chakraborty also highlighted the old pension scheme’s impact on Gujarat’s budget. Retweeting a screenshot from Arvind Panagariya’s article, he noted, “Out of 6.5 crore people in Gujarat, about 3 lakh are in government service. Around 15% of tax revenue will go to the old pension scheme. Why should the top 0.5% receive 15% of taxpayers’ money as pension after retirement?”
Kharge Criticizes Modi Government
Congress President Mallikarjun Kharge criticized the Modi government’s decision, claiming the ‘U’ in UPS signifies a government U-turn. On X, Kharge said, “The power of the people has overruled the PM’s arrogance. After the Lok Sabha election results on June 4, the Modi government withdrew several decisions, including those on long-term capital gains and the broadcasting bill. We will hold the government accountable and protect 140 crore Indians from its policies.”
Details on UPS Implementation
The central government announced that the Unified Pension Scheme (UPS) will replace the New Pension Scheme (NPS) for central employees. Union Minister Ashwini Vaishnav provided details on UPS, stating that it was approved in the cabinet meeting. The new scheme will come into effect on April 1, 2025.
Also Read: India Introduces UPS To Ensure Minimum Pension Guarantees For Government Retirees
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