India News Today: Bharatiya Mazdoor Sangh Endorses Government's Unified Pension Scheme

Sunday, 25 August 2024, 07:34

India news today highlights how the Bharatiya Mazdoor Sangh (BMS) supports the government's new Unified Pension Scheme. This scheme aims to revise the National Pension Scheme and address longstanding concerns. BMS has advocated for changes such as a higher government contribution and guaranteed pensions.
Indiatimes
India News Today: Bharatiya Mazdoor Sangh Endorses Government's Unified Pension Scheme

India News Update: BMS Backs Unified Pension Scheme

The Bharatiya Mazdoor Sangh (BMS), tied to the Rashtriya Swayamsevak Sangh (RSS), has voiced strong support for the government's recently unveiled Unified Pension Scheme (UPS). As reported in Google News, this support springs from two decades of advocacy by the BMS and its National Government Employees Council for modifications to the National Pension Scheme (NPS) and a return to the Old Pension Scheme (OPS).

Key Features of the Unified Pension Scheme

  • Guaranteed pension of 50% of basic salary.
  • Inflation relief and minimum pension of Rs 10,000.
  • Government contribution raised to 18.5%, up from 14%.

These enhancements are seen as a crucial shift towards restoring some of the benefits erased under the NPS.

Concerns and Clarifications

However, the BMS has expressed concern that significant elements of the OPS remain absent in the UPS. Notably:

  1. The UPS mandates employee contributions, while the OPS did not.
  2. Lacks a commutation facility, which was part of the OPS.

The BMS also seeks clarification on matters like lump sum payments upon exit and ongoing pension evaluations in light of future Pay Commissions.

Further Recommendations

Moreover, BMS is urging the government to lift the minimum pension under the Employees' Pension Scheme (EPS) from Rs 1,000 to Rs 5,000, linking it to the Consumer Price Index and expanding medical benefits via the Ayushman Bharat scheme.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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