UPS a new scheme, not rollback as claimed by Congress, says Finance Minister

Nirmala Sitharaman supports new pension scheme saying that it tailored in such a fashion so that the government is not burdened too much

Finance Minister Nirmala Sitharaman said the new pension scheme is better and will satisfy most government employees. | Photo Credit: ANI

Accusing Congress of spreading misinformation, Finance Minister Nirmala Sitharaman on Tuesday (August 27, 2024) said the newly launched UPS is a new pension scheme and not a rollback.

"It is not a rollback... it is different from OPS (Old Pension Scheme) and NPS (National Pension System). It is clearly a new package," she said, adding, the Unified Pension Scheme (UPS) is better and will satisfy most government employees.

UPS is tailored in such a fashion that every calculation fits and even the government is not burdened too much, she said.

Ms. Sitharaman expressed hope that most of the states would adopt UPS "as it has a lot of benefits for employees".