Has the government replaced NPS with UPS? FM Nirmala Sitharaman cleared all the confusion
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The central government recently approved the Unified Pension Scheme i.e. UPS. This is a new pension scheme, under which a government employee who has worked for at least 25 years will be given a pension of 50 percent of his basic salary for the last 12 months before retirement.
Congress created a lot of ruckus over this new scheme of the central government. Union Finance Minister Nirmala Sitharaman’s answer has come on the questions raised by Congress on UPS.
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UPS is a completely new plan
Nirmala Sitharaman accused the Congress of spreading misinformation and said that the recently introduced Unified Pension Scheme (UPS) is a new scheme and has not been brought in place of the National Pension Scheme (NPS). She said, “This is not a U-turn. It is different from OPS (Old Pension Scheme) and NPS (National Pension System). This is clearly a new package.”
Many benefits for employees in UPS
The Union Finance Minister said that the recently announced UPS is a good pension scheme and most government employees will be satisfied with it. Sitharaman said that UPS has been designed in such a way that it fits in every calculation and does not put much burden on the government. She expressed hope that most states will adopt UPS as it has many benefits for the employees.
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The government has not made a U-turn on the pension scheme but has made improvements
On Congress’s allegation that the government has taken a U-turn on the pension scheme, the Finance Minister said that the government has reformed the pension scheme and this is not a U-turn. He said that nowadays Congress makes comments without extensive study, which was not the case earlier. Defending his previous decision – steps to restore indexation benefits on long-term capital gains tax, he said that this is not a U-turn but a change.
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