{"id":1284692,"date":"2024-08-26T07:45:59","date_gmt":"2024-08-26T02:15:59","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1284692"},"modified":"2024-08-26T07:46:18","modified_gmt":"2024-08-26T02:16:18","slug":"bharatiya-mazdoor-sangh-endorses-new-unified-pension-scheme-but-calls-for-further-clarifications","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/bharatiya-mazdoor-sangh-endorses-new-unified-pension-scheme-but-calls-for-further-clarifications\/","title":{"rendered":"Bharatiya Mazdoor Sangh Endorses New Unified Pension Scheme but Calls for Further Clarifications"},"content":{"rendered":"\n

The Bharatiya Mazdoor Sangh (BMS), a prominent labor union affiliated with the Rashtriya Swayamsevak Sangh (RSS), has extended its support for the Indian government’s newly introduced Unified Pension Scheme (UPS). This endorsement comes after years of advocacy for a pension scheme that better aligns with the features of the Old Pension Scheme (OPS), which the BMS has long championed<\/a>.<\/p>\n\n\n\n

\"Bharatiya<\/figure>\n\n\n\n

Key Features of the Unified Pension Scheme (UPS)<\/strong><\/h3>\n\n\n\n

The UPS introduces several provisions that BMS has been advocating for, such as a guaranteed pension of 50% of the basic salary, inflation relief, a minimum pension of Rs 10,000, and an enhanced government contribution. The government’s contribution under the UPS has been raised to 18.5%, a significant increase from the previous 14% under the National Pension Scheme (NPS). This change, along with the assurance of a lump sum payment upon retirement, brings the UPS closer to the OPS in terms of benefits.<\/p>\n\n\n\n

Concerns Over Missing Features<\/strong><\/h3>\n\n\n\n

Despite these positive changes, BMS has pointed out that some critical features of the OPS are still missing in the UPS. Notably, the UPS remains a contributory scheme, whereas the OPS was non-contributory. Additionally, the UPS does not include the commutation facility, a feature that allowed retirees to receive a portion of their pension as a lump sum under the OPS.<\/p>\n\n\n\n

BMS Calls for Clarifications<\/strong><\/h3>\n\n\n\n

The BMS has also called for further clarification on several aspects of the UPS. These include the specifics of the lump sum payment upon exit, pension revisions under future Pay Commissions, the continuity of tax benefits, and the process for pension increments at various advanced ages, such as 80, 85, 90, 95, and 100 years. The union is awaiting detailed responses to these concerns before determining its final stance on the UPS.<\/p>\n\n\n\n

Advocacy for EPS and Other Benefits<\/strong><\/h3>\n\n\n\n

Beyond its focus on the UPS, BMS has urged the government to increase the minimum pension under the Employees’ Pension Scheme (EPS) 95 from Rs 1,000 to Rs 5,000. The union also seeks to link this pension to the Consumer Price Index and extend medical benefits under the Ayushman Bharat scheme.<\/p>\n\n\n\n

Conclusion<\/strong><\/h3>\n\n\n\n

While the BMS supports the new Unified Pension Scheme for its significant improvements over the NPS, it remains vigilant about ensuring that the scheme fully meets the needs of workers. The union’s continued advocacy reflects its commitment to securing comprehensive retirement benefits for all employees, aligning closely with the principles of the Old Pension Scheme.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bharatiya Mazdoor Sangh (BMS), a prominent labor union affiliated with the Rashtriya Swayamsevak Sangh (RSS), has extended its support for the Indian government’s newly introduced Unified Pension Scheme (UPS). This endorsement comes after years of advocacy for a pension scheme that better aligns with the features of the Old Pension Scheme (OPS), which the […]<\/p>\n","protected":false},"author":30,"featured_media":1284695,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5953,4638,5954,5681],"class_list":["post-1284692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bharatiya-mazdoor-sangh","tag-bjp","tag-pension-scheme","tag-rss"],"acf":[],"yoast_head":"\nBharatiya Mazdoor Sangh Endorses New Unified Pension Scheme but Calls for Further Clarifications - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/bharatiya-mazdoor-sangh-endorses-new-unified-pension-scheme-but-calls-for-further-clarifications\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bharatiya Mazdoor Sangh Endorses New Unified Pension Scheme but Calls for Further Clarifications - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"The Bharatiya Mazdoor Sangh (BMS), a prominent labor union affiliated with the Rashtriya Swayamsevak Sangh (RSS), has extended its support for the Indian government’s newly introduced Unified Pension Scheme (UPS). 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