For the past few days, there has been a lot of discussion about a new scheme of the Modi government. And that scheme is UPS i.e. Unified Pension Scheme. Now economic experts from around the world must have told you its advantages and disadvantages, who will get how much pension and how the future of the youth and especially those in government jobs will improve due to this new scheme. But the question is that the Modi government which has always rejected the old pension scheme, has been calling it a burden for the central government and has been praising the new pension scheme, why did the same Modi government have to bring a new pension scheme just after the Lok Sabha elections. Is the biggest reason for this being the BJP’s reduction to 240 seats in the Lok Sabha elections and now in view of the state assembly elections, the Modi government wants to correct its course or is there really something in this pension scheme which is for the benefit of the general public and especially those in government jobs and has nothing to do with the burden on the government treasury, today we will talk about it in detail. I am Avinash and you are reading this special presentation of ABP Uncut.
In such a situation, BJP has had to correct its course. A policy that is similar to the old one, but is new so that no opposition leader can take credit for it. Hence, neither Old Pension Scheme nor New Pension Scheme. Now the Central Government has introduced Unified Pension Scheme, in which some part is of Old Pension Scheme and some part is of New Pension Scheme. Let us understand how.
Now the Old Pension Scheme was a guaranteed pension scheme. That is, the pension was to be received. So it was a burden on the government. And this is why the government was not implementing it. Whereas in the New Pension Scheme, the pension is decided by the market. That is, the government invests the employee’s money in the market. The pension is decided by the return received. So there was a loss in this, because there is no guarantee of market returns. So the employees have been opposing it. But now the Unified Pension Scheme is made by combining both. The first guarantee is that if you have worked for 10 years, you will definitely get at least 10 thousand rupees per month. If you have worked for the remaining 25 years, then you will definitely get 50% of your average basic salary of the last year of your job as a pension. So it is guaranteed that you will get pension. That is, a part of the old pension scheme.
And what is the part of the new pension scheme? So, in the unified pension scheme that has been introduced now, the government will contribute 18.5% from its side, which includes basic salary and DA. The remaining 10% will be contributed by the employee. And this money will be invested in the market. The return that comes from that will be given as pension to the employee. Now, the new pension scheme, which has been opposed, is because if there is no return from the market, then there will be no pension. But in the unified pension scheme, whether there is a return from the market or not, pension is guaranteed, even if the government has to pay that money from its own funds.
Now you understand that a little bit of old pension scheme plus a little bit of new pension scheme is equal to the unified pension scheme. Now the question remains that due to the guarantee in the old pension scheme, the burden on the government’s treasury was increasing and citing which the governments have rejected the old pension scheme for the last 20 years, will the burden not increase with the unified pension scheme. The answer is no. The burden on the government treasury will definitely increase due to this unified pension scheme. Yes, one relief can be found that if the market remains right, the returns are good, then the burden will increase less. And if the market slips somewhere, then the government will have to open its treasury to give pension.
And now when this scheme will be implemented, that is, in the financial year 2025-26, the central government will have to give at least Rs 6250 crore. After all, the issue is of 23 lakh central employees and 27 lakh employees, which means almost one crore voters. Now, to woo so many voters, this much expenditure is justified. The rest of the states that will implement this unified pension scheme will also have to arrange for the money. If the government employees of all the states are also included, then this figure reaches almost 90 lakh employees. Which means there are about three and a half crore voters, and as far as the old pension scheme and the politics on it are concerned, after the introduction of the Unified Pension Scheme, hardly anyone will be able to mention the old pension scheme and make it an issue in the elections. So now you must have understood the profit and loss of this scheme of the Modi government that by combining a new and an old scheme, another new scheme has not only ended the politics on pension, but it has also snatched an important election issue from the opposition leaders. That’s all for now. See you again with a new news, ABP Uncut.
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