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The just-announced <keyword id="22906567" type="General" weightage="100" keywordseo="Unified-Pension-Scheme" source="keywords">Unified Pension Scheme</keyword> for central <keyword id="19933272" type="General" weightage="20" keywordseo="government-employees" source="keywords">government employees</keyword> will be available only for those who are currently subscribers of the New Pension Scheme (NPS), including retirees. The new scheme guarantees employees 50% of their average basic pay over the last 12 months before retirement, as a pension for a minimum qualifying service of 25 years against a market returns linked payout under the NPS. According to the scheme approved by the Union Cabinet, the pension will be proportionate for a lesser service period of up to a minimum of 10 years. Also, assured pension of Rs 10,000 per month on superannuation after a minimum of 10 years of service will be provided. The scheme has been brought out to address the concerns of government employees over NPS, which came into effect from January 1, 2004. Under the <keyword id="3246232" type="General" weightage="20" keywordseo="Old-Pension-Scheme" source="Orion">old pension scheme</keyword> (OPS), effective before January 2004, employees got 50 % of their last drawn basic pay as pension. Unlike the old pension scheme, UPS is contributory in nature, wherein employees will be required to contribute 10% of their basic salary and dearness allowance while the employer's contribution (the central government) will be 18.5%. Under the NPS, the employer contribution is 14%, and the employee contribution is 10%. However, the eventual payout depends on the market returns on that corpus, mostly invested in government debt. Employees, under the OPS, were not required to make any contribution. They, however, contributed to the General Provident Fund (GPF). The accumulated amount, along with interest, was paid to the employee at the time of retirement. As the NPS was less attractive than the OPS, several non-BJP-ruled states decided to go back to the old pension scheme, which offered a DA-linked benefit. This prompted the Centre to constitute a committee in April 2023, under former Finance Secretary and now Cabinet Secretary-designate TV Somanathan to suggest improvement in the NPS architecture. Fulfilling the long pending demands of government employees ahead of assembly elections in Haryana and Jammu and Kashmir, the Union Cabinet on August 24 approved the UPS, which will provide assured pension to 23 lakh eligible central government employees. Those opting for the UPS will not be able to switch back. The UPS will put an additional burden of Rs 6,250 crore on the exchequer per year. The expenditure will vary every year according to variations in the number of employees. In addition, there will be an arrear of Rs 800 crore that has to be paid under the National Pension System (NPS) to employees retiring before March 31, 2025. If these retirees opt for UPS, they will receive arrears. "UPS is being implemented by the Central Government, benefitting 23 lakh central government employees," Information &amp; Broadcasting Minister Ashwini Vaishnaw said on X on Sunday. If states also adopt the UPS architecture, a total of over 90 lakh government employees, who are presently on NPS, would be benefitted, he added. On Sunday, Maharashtra, where assembly elections are due later in the year, became the first state to announce the adoption of the UPS for its employees. RSS-affiliate Bharatiya Mazdoor Sangh (BMS) said though the government has attempted to overcome the shortcomings of the NPS, there are still some issues compared to OPS. BMS will decide its future course of action only after a detailed study of the UPS after it is notified. All India Trade Union Congress (AITUC) said it is nothing but an extension of the existing NPS. The trade union expressed apprehensions that UPS will have a lot of aberrations once implemented. AITUC reiterated that it will continue to fight for the restoration of the non-contributory OPS. ICRA Chief Economist Aditi Nayar said assured pensions will add to the government's committed expenditure in the future while reducing the uncertainty for employees. "This will have to be built into the fiscal consolidation roadmap going ahead," Nayar added. The UPS reflects a thoughtful approach to long-term social security, addressing concerns about the adequacy and sustainability of pension benefits in a rapidly changing economic landscape, said Shardul Amarchand Mangaldas &amp; Co Partner Dorothy Thomas. "This move signals the government's commitment to providing robust support for its workforce, enhancing financial stability for millions of government employees across the country," Thomas said.

Over 23 lakh govt employees under NPS get option to choose unified pension scheme

London: Universities and student groups on Tuesday urgently lobbied British Prime Minister <keyword id="19906889" type="General" weightage="20" keywordseo="Rishi-Sunak" source="keywords">Rishi Sunak</keyword> to safeguard the country's <keyword id="21659184" type="General" weightage="100" keywordseo="post-study-visa" source="keywords">post-study visa</keyword> offer, which has been dominated by Indians to gain work experience for around two years at the end of their university degree. Amid reports that Sunak is considering either restricting or ending the <keyword id="20616105" type="General" weightage="20" keywordseo="Graduate-Route" source="keywords">Graduate Route</keyword> to curtail soaring migration statistics ahead of a general election, a group of nearly 30 university vice-chancellors and the <keyword id="21760521" type="General" weightage="20" keywordseo="national-indian-students-and-alumni-association" source="keywords">National Indian Students and Alumni Association</keyword> (NISAU) UK have issued detailed letters of appeal to 10 Downing Street. They list a series of factors in favour of keeping the Graduate visa scheme unchanged, including the benefits that international students bring to the UK economy in a competitive global higher education marketplace. "Modelling by consultancy London Economics shows that a single cohort has a net economic benefit of GBP 37 billion to the UK economy; as well as through the soft power that Britain's international graduates generate for the country over time, including through furthering ties of trade and diplomacy," reads the NISAU UK letter addressed to Sunak. "Indeed, 70 per cent of <keyword id="19971660" type="General" weightage="20" keywordseo="Indian-students" source="keywords">Indian students</keyword> have told us that the ability to gain meaningful work experience is a critical element in their decision to choose between competing international destinations, of which the UK is one... the Graduate Route allows the opportunity to gain this work experience for a temporary period. It is non-extendable and does not count towards permanent settlement. This means that neither students nor Graduate visa holders should be considered 'immigrants' in the context of the long-term picture of migration," it notes. Their appeal comes a week after the influential <keyword id="20609895" type="General" weightage="20" keywordseo="Migration-Advisory-Committee" source="keywords" meta.keywordsubtype="org" meta.entityname="Migration Advisory Committee" meta.hostid="83" meta.entityid="Migration Advisory Committee">Migration Advisory Committee</keyword> (MAC) advised the government to let the scheme continue as it found no abuse of this post-study work offer. It also confirmed that Indians topped its tally, accounting for 89,200 visas between 2021 and 2023, or 42 per cent of the overall grants, and were likely to be "most affected by any restriction on the Graduate Route". In their letter to Sunak, universities in the north of England — from Sunderland to Sheffield, Leeds to Lancaster, Liverpool to Teesside, Bradford to Huddersfield, and York to Newcastle — said they will all be harmed by the removal or reduction of this visa as it is an "intrinsic part of the educational offer that has made the UK so attractive to brilliant students from all around the world". "The Graduate Visa Route is regarded by students in key markets like India as an integral part of their educational experience. The MAC review made clear that the removal of this route would make the UK less attractive and thus would cause considerable financial detriment to universities around the country," reads their joint letter. "International student tuition fee income has long cross-subsidised underfunded research and has increasingly become critical to cross-subsidise the teaching of UK undergraduate students because of the frozen tuition fee. Universities cannot continue to absorb the costs of teaching UK undergraduates without some form of alternative funding source," they caution. On top of their visa fees, international students who find work and start businesses contribute billions of pounds in income tax, national insurance and VAT annually. The university chiefs point out that they are also usually net contributors to the National Health Service (NHS) through the NHS surcharge. The Russell Group of the UK's leading universities issued its appeal over the weekend, with CEO Tim Bradshaw warning that there has already been a 10 per cent decline in international applications for post-graduate courses starting this September in the wake of the clampdown on students being able to bring dependant family members. "A further restriction on international students would not only be unnecessary — as numbers are already falling — but also damaging, resulting in less spending in local communities, fewer opportunities for domestic students and less UK research," he noted in a letter to Sunak. Members of his own Cabinet are believed to be opposed to any changes to the Graduate scheme, but the British Prime Minister is having to balance pressures from the right of the governing Conservatives who are single-minded in their demands to curb all forms of legal as well as illegal migration levels ahead of an election later this year.

Universities, student groups lobby PM Sunak to keep UK's post-study visa scheme unchanged

A recent study by <keyword id="19898366" type="General" weightage="20" keywordseo="harvard" source="keywords">Harvard</keyword> and the <keyword id="23109326" type="General" weightage="20" keywordseo="european-university-of-rome" source="keywords">European University of Rome</keyword> has uncovered a striking connection between early-life exposure to <keyword id="55910" type="General" weightage="100" keywordseo="air-pollution" source="Orion">air pollution</keyword> and economic outcomes in adulthood. Published in the Proceedings of the <keyword id="21125238" type="General" weightage="20" keywordseo="national-academy-of-sciences" source="keywords">National Academy of Sciences</keyword>, the <a href="https://www.pnas.org/doi/10.1073/pnas.2401882121" data-type="tilCustomLink">research</a> highlights how infants exposed to higher levels of fine particulate air pollution (PM2.5) are likely to earn less as adults, with the most significant impacts observed in the Midwest and South of the United States. “This study takes a big step toward filling the knowledge gap on the crucial link between environmental factors and long-term economic outcomes,” said Francesca Dominici, lead author and professor at Harvard. The findings underscore how environmental pollution, particularly air quality, plays a significant role in shaping not just public health but economic mobility and well-being later in life. <div type="Article" hostid="261" msid="112921592" title="Indoor air pollution poses greater health risk than outdoor: Experts" mstype="2" mssubtype="0"></div> <h2>Key findings </h2>The study focused on US individuals born between 1978 and 1983, analysing their PM2.5 exposure from 1980 to 2010, and compared it to their earnings in 2014-2015 when they were between 31 and 37 years old. The results were telling: a one-unit increase in PM2.5 exposure was associated with a 1.146% decrease in <keyword id="23109325" type="General" weightage="20" keywordseo="economic-earnings" source="Orion">economic earnings</keyword>, measured using a statistic called <keyword id="23109327" type="General" weightage="20" keywordseo="Absolute-Upward-Mobility" source="Orion">Absolute Upward Mobility</keyword> (AUM). The data revealed that this impact was not uniform across the country. Midwestern and Southern regions saw the highest negative effects, suggesting regional disparities in both air quality and its long-term economic impacts. <h2>Call for action </h2>The authors argue that these findings should encourage the creation of stringent national air quality standards, as well as targeted interventions to address pollution in highly affected regions. Luca Merlo, co-lead author, emphasised the importance of addressing both environmental and economic inequalities through integrated policies. This research builds on growing evidence of the far-reaching consequences of air pollution, further solidifying the argument that improving air quality is not only vital for public health but also for fostering economic growth and opportunity. <div type="Article" hostid="261" msid="112853990" title="India saw 19.3% drop in particulate pollution in 2022, adding 51 days to life expectancy: Report" mstype="2" mssubtype="0"></div>

Harvard study links exposure to air pollution in infancy to reduced earnings in adulthood

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> on Tuesday asked the automotive industry to bring global best practices to <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>, while also working on green and <keyword id="7340072" type="General" weightage="100" keywordseo="clean-mobility" source="Orion">clean mobility</keyword>. In a written address to the annual convention of the <keyword id="20163832" type="General" weightage="20" keywordseo="society-of-indian-automobile" source="keywords">Society of Indian Automobile</keyword> Manufacturers (SIAM), Modi said the automotive industry will drive even higher economic growth and in turn, thrive on demand growth. "As we shift gears towards our collective goal of a Viksit Bharat by 2047, I am confident that organisations like SIAM will continue to bring together all stakeholders and become a force multiplier in this mission," he said. The prime minister said the road ahead demands that the country's progress is rapid, while also being sustainable. "Working (on) greener and cleaner mobility is a vital step in this direction. It is important that this climate-conscious and sustainable vision resonates with domestic and international partners," he asserted. "Further, at this critical juncture for India and the world, it is essential that our automobile sector set not only an example for others to follow, but also work towards bringing global best practices to India. I am confident that the discussions and deliberations during the Annual Convention will serve as a catalyst for this," he added. He further said, "Through innovation and enterprise, I am sure that the automotive industry will drive even higher economic growth and in turn, thrive on the demand growth that inevitably creates." He said over the last decade, India's automotive sector has witnessed tremendous and unprecedented growth. "This is as much a testament to our nation's expanding economic growth, as it is to the pivotal role played by the automotive industry," Modi said. The success story of Indian mobility is noteworthy. The nation is witnessing the creation of future-ready infrastructure, such as state-of-the-art expressways, high-speed railways and other forms of multi-modal connectivity that reaches every corner, the prime minister noted. "The holistic approach is ensuring that the benefits of growth are not just confined to a few, but shared by all," Modi said.

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Over 23 lakh govt employees under NPS get option to choose unified pension scheme

PTI

Universities, student groups lobby PM Sunak to keep UK's post-study visa scheme unchanged

PTI

Harvard study links exposure to air pollution in infancy to reduced earnings in adulthood

BI India Bureau

PM Modi asks automakers to bring global best practices to India, focus on clean mobility

PTI

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