With the Union Budget coming up, there are a host of measures India could take to improve its pension system. The first one is clarifying the difference between NPS and UPS.
There is, as yet, no clarity on how the new scheme is going to be operationalised, and what happens to the existing National Pension System architecture.
Scheme provides for assured pension and assured family pension. According to Information & Broadcasting Minister Ashwini Vaishnaw, about 23 lakh employees of central govt to benefit.
According to government reply in Lok Sabha, the pilot phase of PMIS is being used to test concepts, strategies and systems before a full-scale implementation of the scheme.
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