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NEW DELHI — The Union Cabinet chaired by Prime Minister Narendra Modi on Saturday approved the Unified Pension Scheme (UPS) for government employees, which will provide an assured minimum pension and a family pension.
Around 23 lakh Central government employees will benefit from the Unified Pension Scheme. These employees will now have the option to choose between the New Pension Scheme (NPS) and the Unified Pension Scheme.
The state governments will also be given the option to opt for the Unified Pension Scheme. If the state governments opt for UPS, the number of beneficiaries will be around 90 lakh. According to the government, the expenditure for arrears will be INR 800 crore. The annual cost increase will be around INR 6,250 crore in the first year.
The scheme will be effective from April 1, 2025.
Central government employees will be given the option of choosing between NPS and UPS. The existing Central government NPS subscribers will also be given the option to switch to UPS.
Highlights of Unified Pension Scheme:
Briefing journalists after the Cabinet meeting, Union Minister Ashwini Vaishnaw said the Centre constituted a committee which held as many as 100 meetings with several top organisations, including the RBI and the World Bank, on the issue.
The UPS has been approved by the Cabinet based on the recommendations of this committee.
"Today, the Union Cabinet has approved the Unified Pension Scheme (UPS) for government employees providing for an assured pension. A 50 per cent assured pension is the first pillar of the scheme, while the second pillar will be an assured family pension,” the Minister explained.
On the spadework that went into the new scheme, the Minister said, “Government employees demanded some changes in the New Pension Scheme. For this, PM Modi constituted a committee under the chairmanship of Cabinet Secretary T.V. Somanathan. This committee held more than 100 meetings with different organisations and nearly all the states and the Unified Pension Scheme has been formulated based on these recommendations.”
“There's a difference between how PM Modi works and how the opposition functions. Unlike the opposition, PM Modi believes in holding extensive consultations,” Vaishnaw added.
The BioE3 (Biotechnology for Economy, Environment and Employment) Policy that has been approved by the Cabinet is a landmark initiative that will foster High Performance Bio-manufacturing. This will also encourage scientific, industrial and societal advancements in the times to… pic.twitter.com/OrufVXZ4yz
— Narendra Modi (@narendramodi) August 24, 2024
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Saturday approved the 'BioE3 (Biotechnology for Economy, Environment and Employment) Policy for Fostering High Performance Biomanufacturing' of the Department of Biotechnology aimed at accelerating India's transition to green growth and a Net Zero carbon economy.
The salient features of BioE3 policy include innovation-driven support to R&D and entrepreneurship across thematic sectors. This will accelerate technology development and commercialisation by establishing Biomanufacturing & Bio-AI hubs and Biofoundry. Along with prioritising regenerative bioeconomy models of green growth, this policy will facilitate expansion of India’s skilled workforce and provide a surge in job creation, according to an official statement issued after the meeting.
Overall, this Policy will further strengthen the government's initiatives such as 'Net Zero' carbon economy & 'Lifestyle for Environment' and will steer India on the path of accelerated 'Green Growth' by promoting 'Circular Bioeconomy'.
The BioE3 Policy will foster and advance a future that is more sustainable, innovative, and responsive to global challenges and lays down the Bio-vision for Viksit Bharat, the statement said.
"Our present era is an opportune time to invest in the industrialisation of biology to promote sustainable and circular practices to address some of the critical societal issues-such as climate change mitigation, food security and human health. It is important to build a resilient biomanufacturing ecosystem in our nation to accelerate cutting-edge innovations for developing bio-based products," the statement explained.
High performance biomanufacturing is the ability to produce products from medicine to materials, address farming and food challenges, and promote manufacturing of bio-based products through integration of advanced biotechnological processes.
To address the national priorities, the BioE3 Policy would broadly focus on the following strategic sectors: high value bio-based chemicals, biopolymers and enzymes; smart proteins and functional foods; precision biotherapeutics; climate resilient agriculture; carbon capture and its utilisation; marine and space research, the statement added.