As the demand for the Old Pension Scheme (OPS) continues to rise, the Unified Pension Scheme (UPS) announced by the government is reportedly based on recommendations from a research team at the Commerce Department of Lucknow University. The research conducted by Professor Somesh Kumar Shukla, Dr. Amit Mishra, Abhishek Dwivedi, and their team formed the basis for this new pension system.
The research, published in September 2023 under ISSN 2348-8425 in the UGC Care list, compared the Old Pension Scheme (OPS) with the National Pension System (NPS). In this study, the researchers deeply analyzed the long-term sustainability, financial impact, and post-retirement lifestyle of employees under both schemes. Their findings highlighted the need for a unified pension system that combines the security of OPS with the growth potential of NPS to create a balanced and sustainable retirement plan for government employees.
Professor Somesh Shukla Shares Key Information
In a conversation with ABP Live, Professor Somesh Shukla shared that after the publication of this important research, the suggestions were sent to the Prime Minister’s Office and the Department of Personnel of the Government of India. These suggestions were then reviewed by the Pension Department, which, after extensive review and discussions, decided to adopt most of the recommendations from Professor Shukla and his team, with some modifications.
Professor Shukla explained that the goal of the new Unified Pension System is to combine the guaranteed benefits of OPS with the market-linked returns of NPS to provide a more balanced and reliable retirement plan. However, one major suggestion from the research that the government did not include was the provision of medical benefits for employees and their families, which was initially suggested to be covered by 10% of the pension fund.