Unified Pension Scheme (UPS)

Media Response The Hindu Business Line* Letters August 27, 2024 Unified Pension Scheme (UPS) This refers to your editorial "Sound compromise" (August 27). Centre deserves appreciation and congratulations for the timely rectification of an injustice meted out to a section of goverment employees who joined service after 2003. Timely, because all those who joined service after 2003 are still in service. One of the reasons for the hasty introduction of NPS was government's unpreparedness to initiate funding of the Old Pension System(OPS) which was being implemented on a "Pay As You Go" basis. In the process of implementation of NPS and under the new Unified Pension Scheme (UPS) this defect also has been thankfully rectified. Your worry about the extra burden on taxpayer is misplaced as any employer will be aware of the impact on C to C with every change in wage components and government will know how to adjust the overall wage bill consistent with market realities. Next step could be to bring all workforce in the private sector who are EPF beneficiaries under the umbrella of UPS. M G Warrier Mumbai *Published in The Hindu Business Line on August 28, 2024. PS : A pragmatic government at the Centre could have integrated the ingredients of the present UPS when they prospectively introduced New Pension Scheme (Dubbed as "No Pension Scheme" by me then!) in December 2003 for a section of employees joining service from January 2004. Those who want to know more, please access : https://www.moneylife.in/article/what-ails-the-new-pension-scheme/27305.html

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