Understanding the Unified Pension Scheme and Its Significance in India
Introduction In recent years, India's socio-economic landscape has been undergoing significant transformations, with the government introducing various reforms to enhance the welfare of its citizens. One such initiative that has garnered considerable attention is the Unified Pension Scheme. This article delves into what the Unified Pension Scheme entails and why it has become a hotly debated issue in India. What is the Unified Pension Scheme? The Unified Pension Scheme is an overarching framework designed to consolidate multiple existing pension schemes under a single, comprehensive system. The primary objective of this scheme is to streamline pension administration, ensure uniformity in benefits, and extend social security coverage to a broader segment of the population. Key Features of the Unified Pension Scheme: Consolidation of Existing Schemes: Merges various pension plans like the Employees' Provident Fund (EPF), National Pension System (NPS), and other sector-specific pe...