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The Uttar Pradesh cabinet on Tuesday approved a proposal from the <keyword id="19991117" type="General" weightage="20" keywordseo="TATA-Sons" source="keywords" meta.keywordsubtype="org" meta.entityname="TATA Sons" meta.hostid="153" meta.entityid="TATA Sons">Tata Sons</keyword> to build a '<keyword id="22179760" type="General" weightage="20" keywordseo="museum-of-temples" source="keywords">museum of temples</keyword>' in <keyword id="19897034" type="General" weightage="20" keywordseo="Ayodhya" source="keywords">Ayodhya</keyword> at a cost of Rs 650 crore. Sharing details about the decision, Tourism Minister Jaivir Singh said the tourism department would provide the company land for the international-level museum on a 90-year lease for a token amount of Re 1. "Tata Sons had proposed the project through the Central government, offering to build the museum at a cost of Rs 650 crore under its corporate social responsibility fund," Singh said at a press meet here after the cabinet meeting chaired by Chief Minister Yogi Adityanath. A 'museum of temples' in Ayodhya has been talked about since last year. In September, Adityanath and senior officials made a presentation on it before Prime Minister Narendra Modi. "The prime minister liked the idea of the temple museum very much and it was discussed in detail," an official had told PTI then. The plan then was to showcase the history and architecture of famous temples in the country. Also discussed was setting up a light-and-sound show at the proposed museum. The state cabinet on Tuesday also okayed another proposal of the Tata Sons for carrying out development works in the temple town at an additional cost of Rs 100 crore, Singh said. Tata Sons is the principal investment holding company and promoter of Tata companies. Other proposals approved during the cabinet meeting included the launch of helicopter services in <keyword id="19945772" type="General" weightage="20" keywordseo="Lucknow" source="keywords">Lucknow</keyword>, Prayagraj an Kapilvastu under the public-private partnership (PPP) model by building helipads, Singh said. The cabinet also cleared a proposal to develop dormant heritage buildings into tourist spots, the minister said. Three such heritage buildings- Kothi Roshan Dulha in Lucknow, Barsana Jal Mahal in Mathura and Shukla Talab (pond) in Kanpur -- were selected for development as tourist spots, he said. He added that researchers would be selected under the Mukhya Mantri tourism fellowship programme for the purpose. Urban Development Minister A K Sharma, who was also present in the press meet, said the state cabinet approved plans worth Rs 351.40 crore for expanding the sewage system in the outer areas of Ayodhya under the Amrit Yojana-2 programme. He said the financial contribution share towards the Amrit Yojana scheme by local bodies serving a population of 10 lakh has been reduced from 30 per cent to 15 per cent. Similarly, the share of the civic bodies catering to a population size between 1 lakh to 10 lakh has been decreased from 20 per cent to 10 per cent, the minister added. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/stanley-lifestyles-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111261779.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/stanley-lifestyles-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/111261779.cms" target="_blank">Stanley Lifestyles IPO allotment – How to check allotment, IPO GMP, listing date and more</a><a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-ce-4-lite-vs-poco-x6-which-phone-should-you-buy-under-25000/slidelist/111257892.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/oneplus-nord-ce-4-lite-vs-poco-x6-which-phone-should-you-buy-under-25000/slidelist/111257892.cms" target="_blank">OnePlus Nord CE 4 Lite vs Poco X6 – which phone should you buy under ₹25,000?</a><a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-allied-blenders-and-vraj-iron-and-steel-look-to-raise-1671-crore/articleshow/111233159.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/ipos-this-week-allied-blenders-and-vraj-iron-and-steel-look-to-raise-1671-crore/articleshow/111233159.cms" target="_blank">IPOs this week – Allied Blenders and Vraj Iron and Steel look to raise ₹1,671 crore</a>

UP cabinet okays Tata Sons' ₹650-cr proposal for 'museum of temples' in Ayodhya

The business leaders that Kamala Harris could recruit for her Cabinet

<ul class="summary-list"><li>Donald Trump celebrated his election win at UFC 309 with key allies.</li><li>Trump was joined by Elon Musk, Tulsi Gabbard, and Robert F. Kennedy Jr.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/europe-trade-war-trump-tariffs-eu-imports-foreign-policy-2024-11">Donald Trump</a> celebrated his election victory with a surprise appearance at UFC 309 on Saturday.The president-elect, flanked by UFC chief Dana White, arrived at Madison Square Garden to thunderous applause and cheers from the packed-out crowd.Trump was joined at the event by some of his new inner circle, including his picks to lead <a target="_blank" href="https://www.businessinsider.com/why-elon-musk-cutting-federal-spending-could-work-2024-11">the new "Department of Government Efficiency" (DOGE)</a> — Elon Musk and Vivek Ramaswamy, incoming national intelligence director Tulsi Gabbard, and <a target="_blank" href="https://www.businessinsider.com/trump-robert-f-kennedy-jr-rfk-department-health-human-services-2024-11">Robert F Kennedy Jr.</a>, whom Trump nominated as health secretary this week.Trump could also be spotted reuniting with <a target="_blank" class="" href="https://www.businessinsider.com/trumps-victory-shows-the-flagging-influence-of-mainstream-media-2024-11">Joe Rogan</a>, the host of "The Joe Rogan Experience," after his hit appearance on the podcast in October.And the warm reception didn't end there for the president-elect, with what can only be described as a Trump hype video playing on the big screen for spectators.Heavyweight champion Jon Jones also made a point of thanking Trump for attending in his post-fight interview."I also want to say a big, big thank you to President Donald Trump for being here tonight," Jones said, before imitating Trump's <a target="_blank" class="" href="https://www.youtube.com/watch?v=Zph7YXfjMhg">"YMCA" dance</a>. Trump spent most of the evening sitting between White and Tesla CEO Musk, with whom he has been somewhat inseparable since the election.Musk — the <a target="_blank" class="" href="https://www.bloomberg.com/billionaires/">world's richest person</a> — went all in on supporting Trump's presidential campaign in the summer, pouring millions of dollars into a super PAC and holding his own rallies to try to get him elected.In his new role as co-leader of DOGE, Musk's main task will be to advise on areas of government spending to cut.And he has already shared some of his plans for how he'll run the agency.Writing on <a target="_blank" class="" href="https://x.com/elonmusk/status/1856520760656797801">X</a> on Wednesday, Musk said the DOGE's actions "will be posted online for maximum transparency" and that he will launch a leaderboard to track "insanely dumb" government spending."Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!" he added.

Trump, Musk, and new cabinet picks celebrate election victory with surprise appearance at UFC

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Good morning! CEOs love talking about their wins, but what about their losses? The head of a failed supersonic plane startup detailed what went wrong, <a target="_blank" href="https://www.businessinsider.com/exosonic-ceo-explains-why-his-strategy-supersonic-airliner-failed-2024-11">and how other companies might find success</a>.In today's big story, President-elect Donald Trump is nominating the people <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">who will play a key role in his administration</a> and impact the business world.What's on deck:<ul><li>Markets: Elon Musk wants to gamify "dumb" government spending, and <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">experts say it's a savvy marketing strategy</a>.</li><li>Tech: A healthcare startup raised $100 million on a bet it could build an AI doc-in-a-box. <a target="_blank" href="https://www.businessinsider.com/healthcare-startup-forward-shutdown-carepod-adrian-aoun-2024-11">Now it's shutting down</a>.</li><li>Business: Internal documents viewed by BI show plans for Amazon's AI chatbot <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-ai-chatbot-q-coming-to-microsoft-office-365-2024-11">launching in an unlikely spot</a>.</li></ul>But first, the nominations are rolling in.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Trump's new team</h2><div type="image" title="Trump pointing" height="667" width="1000" msid="115302524" hostid="261" sizebytes="47760"></div>President-elect Donald Trump is quickly fleshing out his cabinet, giving a sense of what his second administration will look like.Trump's slew of picks announced in recent days share a common theme: <a target="_blank" href="https://www.businessinsider.com/trump-cabinet-picks-so-far-loyalty-resumes-11">loyalty</a>. (You can find the running list of Trump administration staffers <a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">here</a>)With <a target="_blank" href="https://www.businessinsider.com/republicans-house-representatives-election-win-majority-2024-11">Republicans maintaining control of the House</a> and winning the Senate, the president-elect will enter the White House this January with incredible power to shape the country to his vision.Let's break down some of Trump's recent appointments and the impact they could have on the business world:<a target="_blank" href="https://www.businessinsider.com/trump-nominates-matt-gaetz-attorney-general-2024-11">US Attorney General — Matt Gaetz</a>: A surprising pick, to say the least, the representative from Florida caused havoc within his own party when he led the push to oust Kevin McCarthy from the speakership last year.Gaetz was also the subject of sex-trafficking allegations that led to an investigation by the very agency he's being nominated to lead. (The Department of Justice declined to pursue charges, but he'd been facing a probe from the House Ethics Committee.) House Speaker Mike Johnson told reporters on Wednesday that Gaetz had resigned from Congress.He's also <a target="_blank" rel="noopener" href="https://www.businessinsider.com/matt-gaetz-criticism-big-tech-trump-attorney-general-antitrust-2024-11">clashed with the tech industry</a>, suggesting Americans have an "obligation to use" their Second Amendment right when it comes to <a target="_blank" href="https://www.businessinsider.com/matt-gaetz-says-american-obligation-take-up-arms-big-tech-2021-5">Silicon Valley companies censoring conservatives</a>. Gaetz's appointment requires confirmation from the Senate, which is far from a shoo-in.<a target="_blank" href="https://www.businessinsider.com/what-trumps-secretary-state-pick-marco-rubio-means-for-china-2024-11">Secretary of State — Marco Rubio:</a> The Florida senator is an outspoken critic of China and a supporter of Taiwan. In fact, China sanctioned him twice, and his ability to travel to the country is somewhat in question.The appointment adds another wrinkle to the heightening tension between the US and China. Trump has said he wants aggressive tariffs against Chinese imports, and Rubio has raised the alarm on what he views as China's plan to harm the US economy.<div type="image" title="Fox News host Pete Hegseth at a network event in 2019" height="2555" width="3600" msid="115302517" hostid="261" sizebytes="483180"></div><a target="_blank" href="https://www.businessinsider.com/trump-pentagon-chief-pete-hegseth-world-views-ukraine-china-2024-11">Secretary of Defense — Pete Hegseth:</a> The Army veteran and Fox News host has been outspoken about the US involvement in geopolitical conflicts. Hegseth is among the growing number of Republicans questioning the US support of Ukraine. He also said he <a target="_blank" href="https://www.businessinsider.com/trump-pentagon-pick-pete-hegseth-criticized-us-involvement-ukraine-aid-2024-11">doubted Russia would invade Poland</a> if it successfully took over Ukraine.When it comes to Israel, Hegseth has been a staunch supporter. He's also pushed back against calls for a cease-fire and criticized pro-Palestinian protesters.Hegseth's takes aren't limited to international affairs. He's been critical of women serving in combat roles and diversity and equity policies in the US military.Treasury secretary — TBD: Trump's pick for his top economic advisor is being closely watched considering the key role the economy played in the election. The two front runners appear to be Scott Bessent, a hedge fund executive, and Howard Lutnick, <a target="_blank" href="https://www.businessinsider.com/wall-street-advisor-trump-lutnick-schwarzman-warsh-federal-reserve-2024-11">the co-chair of Trump's transition</a> team and the CEO of Cantor Fitzgerald.Bessent was initially viewed as the favorite, but Lutnick is <a target="_blank" href="https://www.wsj.com/politics/policy/trump-transition-co-chair-makes-late-play-for-treasury-secretary-f1b50c60">reportedly making a last-ditch effort</a> to be considered for the job.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Silicon Valley investors Marc Andreessen and Ben Horowitz <a target="_blank" rel="noopener" href="https://www.businessinsider.com/marc-andreessen-ben-horowitz-react-trump-win-crypto-founders-2024-11">celebrate Trump's win as 'a boot off the throat</a>.'</li><li>Why SoftBank bet $500 million on OpenAI. SoftBank's Vision Funds CFO <a target="_blank" href="https://www.businessinsider.com/softbank-openai-investment-explained-vision-fund-cfo-2024-11">told BI why it went all-in on the startup</a>.</li><li>Amazon is shuttering Freevee and some insiders fear <a target="_blank" href="https://www.businessinsider.com/amazon-shuttering-freevee-some-insiders-speculate-potential-entertainment-layoffs-2024-11">layoffs could be coming in the tech giant's entertainment arm</a>.</li><li>Mark Zuckerberg just released his own NSFW version of <a target="_blank" href="https://www.businessinsider.com/mark-zuckerberg-t-pain-get-low-rap-song-2024-11">'Get Low' in a tribute to his wife</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="A photo illustration comprising a black-and-white photo of Elon Musk's profile over a leaderboard with dollar signs that decrease down the board." height="1500" width="2000" msid="115302527" hostid="261" sizebytes="121084"></div><ol><li>Loving the leaderboard: Elon Musk wants to gamify "dumb" government spending. Donald Trump tapped Musk and Vivek Ramaswamy to co-lead the Department of Government Efficiency, a commission aimed at slimming government waste. Musk has <a target="_blank" rel="noopener" href="https://www.businessinsider.com/elon-musk-leaderboard-government-spending-marketing-genius-doge-donald-trump-2024-11">teased a public leaderboard to track government spending</a>, which, if implemented, could keep the public engaged. <a target="_blank" href="https://www.businessinsider.com/elon-musk-vivek-ramaswamy-doge-government-efficiency-what-us-spends-2024-11">BI took a look at what the US actually spends money on</a>.</li><li>Inflation stays in line with expectations. October's consumer price index <a target="_blank" href="https://www.businessinsider.com/inflation-october-cpi-consumer-price-index-federal-reserve-interest-rates-2024-11">rose 2.6% compared to the same time last year</a>, representing a slight uptick from September's 2.4% report. Despite inflation heating up, the probability of the Fed making a 25-basis-point cut next month increased to about 80% after the report's release.</li><li>Polymarket's CEO was the subject of an FBI raid. Shayne Coplan, the 26-year-old boss of the betting market platform that successfully predicted Trump's win, reportedly had his phone and electronic devices <a target="_blank" href="https://www.businessinsider.com/fbi-raid-polymarket-ceo-shayne-coplan-nyc-2024-election-2024-11">confiscated by federal agents Wednesday morning</a>. Bloomberg reported the raid was tied to an investigation into the company accepting trades from users in the US, which is not permitted. A Polymarket spokesperson said it was an act of "political retribution" by the Biden administration.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Forwards CEO Adrian Aoun with the Carepod" height="1500" width="2000" msid="115302521" hostid="261" sizebytes="394842"></div><ol><li>Inside Forward's failed attempt to revolutionize the doctor's office. The healthcare startup Forward went all-in on its AI doc-in-a-box: "If Elon has the self-driving car, well, this is the autonomous doctor's office," its CEO said in 2023. <a target="_blank" href="https://www.businessinsider.com/healthcare-startup-forward-shutdown-carepod-adrian-aoun-2024-11">But after raising $650 million in funding, it's going dark</a>.</li><li>What some Tesla employees think about Musk's new government job. Some are celebrating stock gains, with the company's share price soaring nearly 33% year to date, <a target="_blank" rel="noopener" href="https://www.businessinsider.com/tesla-trump-stock-gains-internal-reaction-2024-11">while others worry Musk will lose focus</a>. "There's this feeling that no one fully knows where anyone else stands," one manager told BI.</li><li>A new stage in the US-China tech cold war. The focus of the AI race is moving from chip dominance to rare earths, the raw materials they're made of. Right now, China has the upper hand; <a target="_blank" href="https://www.businessinsider.com/rare-earths-tech-war-explainer-chips-ai-china-us-2024-11">here's how it's tried to outmaneuver the US</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="The O's of the Hollywood sign walking away with film equipment" height="1457" width="1943" msid="115302520" hostid="261" sizebytes="350770"></div><ol><li>Hollywood's leaving. The film industry is ditching Los Angeles for up-and-coming entertainment hubs like Atlanta and smaller cities alike. Some have been preparing for an LA exodus for years, but the pandemic ushering in remote work <a target="_blank" href="https://www.businessinsider.com/hollywood-leaving-los-angeles-remote-work-tv-movies-money-streaming-2024-11">helped provide the final push</a>.</li><li>Too many videos, not enough mentors. Nobody knows how to do their jobs anymore because their companies aren't teaching them. Training is an easy place for companies to cut costs, but it comes back to hurt them in the long run. <a target="_blank" href="https://www.businessinsider.com/job-training-broken-gen-z-mentorship-companies-employees-managers-2024-11">Those who do invest often put their money toward the wrong fixes</a>.</li><li>Exclusive: Amazon's chatbot Q enters enemy territory. Internal documents obtained by BI show the cloud giant is looking to launch a Q add-in for a rival suite: Microsoft Office 365. Amazon hopes the integration could expand Q's user base by <a target="_blank" href="https://www.businessinsider.com/amazon-ai-chatbot-q-coming-to-microsoft-office-365-2024-11">piggybacking on Office's popularity</a>.</li></ol><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Disney, Brookfield and other companies report earnings.</li><li>EU reveals Q3 GDP growth figures.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

Some of Trump's key cabinet picks provide clues to how his administration will approach the business world

<ul class="summary-list"><li>President-elect Donald Trump is wasting no time planning his second administration.</li><li>He already has unveiled more than half a dozen Cabinet-level picks.</li></ul>President-elect Donald Trump is wasting little time <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11">staffing his second administration.</a><a target="_blank" href="https://www.businessinsider.com/donald-trump-white-house-staff-cabinet-picks-list-2024-11"> </a>His early picks show he prizes loyalty after a tumultuous first term filled with Cabinet secretaries who either resigned or were dismissed for defying Trump too often.As of Wednesday afternoon, Trump has vastly exceeded the pace he rolled out nominations following his 2016 upset win. He has already announced the intent to nominate seven Cabinet-level positions, including his Defense secretary (<a target="_blank" class="" href="https://www.businessinsider.com/trump-pentagon-pick-pete-hegseth-criticized-us-involvement-ukraine-aid-2024-11">Pete Hegseth</a>); White House chief of staff (Susie Wiles); Homeland Security secretary (Gov. Kristi Noem of South Dakota); and EPA administrator (former Congressman Lee Zeldin). "There is emphasis on alignment with the president both personally and policy-wise, so people who have taken the effort to publicly back the president-elect personally," David E. Lewis, a Vanderbilt University political science professor who studies presidential appointments, told Business Insider.Lewis added that Trump, no longer a political neophyte, now has a "deeper pool" of allies to draw on."One of the problems he had in the first term was that people he selected wouldn't do the things he wanted them to do in the administration for a variety of reasons, and I think he has learned this go around how to avoid that," Lewis said.<div type="image" title="Pete Hegseth" height="2314" width="3535" msid="115268550" hostid="261" sizebytes="453984"></div>Wiles, who co-led <a target="_blank" class="" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Trump's 2024 campaign</a>, has decades of political experience and will make history as the first woman to serve as gatekeeper to a president. She has never served in Congress or senior White House roles before, something virtually all of her predecessors had their resumes.Chris Whipple, who wrote a book about White House chiefs of staff, said Wiles is a "logical choice" who brings some strengths. Whipple has been unsparing in his criticism of Mark Meadows, Trump's final chief of staff, whose "sycophantic" nature exacerbated Trump's worst impulses."She has demonstrated that she can work with, I would never say manage Donald Trump, but she can work with him without getting fired," Whipple told Business Insider. "She has demonstrated that she is able to tell hard truths from time to time."Whipple said the one drawback with Wiles is her lack of experience. Most of Trump's top picks thus far lack conventional experience for their roles.Zeldin served in the House for eight years but never sat on committees overseeing environmental policy. Noem's entire state has a budget ($7.3 billion) eight times smaller than the sprawling Homeland Security Department (over $60 billion), which includes more than 230,000 employees. Hegseth, a decorated veteran, has never led anything near the size of the Defense Department, which is the nation's largest employer and boasts over a $800 billion budget.Rep. Michael Waltz of Florida brings arguably the most experience to his role as national security advisor with nearly six years in Congress, a brief stint at the Pentagon, and time in the Bush administration. In announcing Waltz's elevation, Trump indicated he would make the current congressman a Cabinet-level official.Waltz showed the extent of his loyalty to Trump by co-sponsoring legislation to <a target="_blank" class="" href="https://www.businessinsider.com/house-republicans-rename-dulles-airport-trump-2024-4">rename Washington, D.C.'s DC's Dulles International Airport after Trump.</a><h2 id="9689a433-fd83-468e-a586-dffbd29f7032">A different second term</h2>Trump has said he would staff his administration differently this time."The advantage I have now is I know everybody. I know people. I know the good, the bad, the stupid, the smart," Trump told Time Magazine in April. "I know everybody. When I first got to Washington, I knew very few people."Turnover during the first Trump administration was especially prevalent at the Pentagon, which saw five different leaders in either acting or full capacity in four years.With this lens, Hegseth's forthcoming nomination stands out. Hegseth, a Fox News host, served in the Army National Guard after graduating from Princeton. His lack of ties to the national security establishment is one of his supporters' biggest selling points."The times are perilous, and our national-security establishment needs a jolt to its system," John Noonan, conservative commentator and former top advisor to Sen. Tom Cotton of Arkansas, wrote in The National Review. "I think Pete can be that jolt."<h2 id="a41d84c8-5f87-486e-b5aa-e696613cf081"></h2>

Trump's early Cabinet picks show how much he values loyalty in his second term

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.

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