A new news update published with the heading that “Cabinet approves Unified Pension Scheme” on the official website of PM-India on 24th August 2024. In this publication it is stated that “The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, today approved the Unified Pension Scheme (UPS). In this article we will deeply discuss about the details of new unified pension scheme with the comparison of the old pension scheme and New pension Scheme. so stay connected with the blog.
Immediately after the announcement of the Unified Pension scheme many of the nation’s leading print media as well as digital media houses come out with the article –
The Print says – “Govt’s new Unified Pension Scheme walks back on important reforms and It’s disappointing”.
The Hindu says in its article that “Unified Pension Scheme – How does it differ from the Old and New Pension Scheme?”
The Frontline Magazine published that ” Unified Pension Scheme – A Half-Measure That Fails to Address Deeper Issues?”
The media house also emphatically publishing that as yet, there is no clarity on how the new scheme is going to be operationalised, and what is the system architecture of the pension scheme? what happens to the existing National Pension System (NPS) their architecture.
Before we discuss about the salient features of the Unified Pension Scheme (UPS), it is better and necessary to know few points about pension system in India. For example –
01) What is pension?
02) Categories of the Pension and Difference Between Defined Contributory Pension Plan & Defined Benefit Pension Plan
03) Types of Pension Schemes,
04) Different Kind of Pension Beneficiaries,
05) What is Old Pension scheme (OPS), When did the Old Pension Scheme stop and why? and Feature of Old Pension Scheme (OPS).
06) What is New Pension Scheme (NPS), When did the NPS start? and Feature of New Pension Scheme (NPS).
07) What is Unified Pension Scheme?, Feature of Unified Pension Scheme (UPS). and When will the UPS implemented?
08) Difference between OPS, NPS and UPS.
09) What is the government’s intention to introduce UPS in the country?
10) What are the problems being considered by the experts in the Unified Pension Scheme?
Pension fund is the asset from which a employee will receive a continuous monthly income for the rest of your life after his retirement. For many, this security is indispensable, which is why they opt for a pension, despite the fact that the pension is at a disadvantage from a tax perspective. This is because while pensions are taxed at the normal income tax rate, a reduced tax rate applies to capital withdrawals.
Whether a pension, a lump sum withdrawal or a combination of the two is more suited to your situation depends on a variety of factors: –
- In addition to the security aspect,
- Financial stability,
- Housing situation,
- State of health,
- After retirement life plans and needs.
Please stay with the blog to know the useful information.