4 months ago |
In response to growing demands for the reinstatement of the old pension scheme and increasing opposition to the National Pension System (NPS), the Modi government has constituted a committee to address the issue. The Finance Ministry formed the committee last year under the leadership of Finance Secretary TV Somanathan to review the pension schemes and provide alternative suggestions. The Somanathan Committee, taking into account the dissatisfaction among government employees, developed a proposal for an alternative pension scheme. Based on this proposal, the Modi government has introduced the Unified Pension Scheme (UPS). This new scheme aims to address the concerns of employees and offer a revised approach to pension benefits.
