The Union government, led by PM Modi, rolled out the Unified Pension Scheme on August 25. The Unified Pension Scheme or UPS, assures government employees of 50 per cent of their last drawn cheque as a lifetime monthly benefit. This marks the return of 'Assured Pension to government employees.
Why No UPS For the Private Sector? We are proud of the hard work of all government employees who contribute significantly to national progress. The Unified Pension Scheme ensures dignity and financial security for government employees, aligning with our commitment to their well-being and a secure future..
.. The move has been welcomed by many.
But one netizen, operating from an anonymous account, added another layer to the tranche of discussion. The X User took to the platform and expressed thoughts on the scheme, saying, "I'm all fine with Unified Pension Scheme but only problem is why there is no such scheme for private sector employees?" I'm all fine with Unified Pension Scheme but only problem is why there is no such scheme for private sector employees? Recession and layoffs are frequent, you may be paying lakhs in income tax today but can be jobless next day. Neither your company nor Govt will take care of.
.. pic.
twitter.com/z1dTP8IDTu The X user cited the larger instability in the job market and the myriad variables of uncertainty that affect the workforce, which is a part of the private sector. The user further added, "Recession and layoffs are frequent, you may be paying lakhs in income tax today but can be jobless next day.
Neither your company nor Govt will take care of you." Furthermore, the user concluded his post by adding, "There may be loans, EMI and all, you can't send your kids to Govt schools or use Govt hospitals because of their poor conditions. Basically Govt will take 1/3rd salary in your good days, but let you live on road in bad days.
" Netizens React To Post Other netizens reacted to the original post. One user anticipating the larger repercussion, commented in the reply section, saying, "This is the reason for simplified tax code. Now they'll tax us 50%".
Another user commented, saying, "That’s because you don’t belong from the reserved communities. Had you been from one of them, you would have had politicians calling for expanding reservations and including it in even sectors like beauty pageantries, Bollywood, cricket etc." To which the user replied and said, Taxpayers are the true minority.
Unified Pension Scheme This move reversed an over-decade-old reform that was brought into force by the Vajpayee-led government. On December 22, 2003, the AB Vajpayee-led NDA government passed an ordinance imposing a New Pension Scheme (NPS) based on the vagaries of stock market dynamics and abolishing the entitlement of the existing pension scheme. The UPS, however, according to some observers, is closer to the OPS or Old Pension Scheme, which has been at the forefront of many discourses for many years now.
.
