The Unified Pension Scheme (UPS), which was launched by the government to end the 20-year-long protest and agitation demanding the old pension, is facing a lot of opposition. Employee organizations say that it has many flaws. Its biggest flaw has come out from an answer given by Finance Secretary TV Somanathan, which has overshadowed all its advantages.
This is the biggest flaw
The biggest flaw of UPS comes to the fore in the case of VRS. If an employee chooses the option of voluntary retirement before the age of 60, then when will he get pension. When this question was asked to Finance Secretary TV Somanathan, his answer was that no matter when you retire, pension under UPS will be available only after completion of retirement age.
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This is a big problem
Due to this flaw in this pension scheme available after retirement, a big problem will arise. Actually, the retirement age is different in different departments in the country. The retirement age in universities is 65 years. In some departments it is 60 years and in some it is 58 years. In such a situation, if a person retires at the age of 58, then he will have to wait for two years for pension. On the other hand, if an employee takes VRS at the age of 50, then you will have to wait for 10 years to get pension under UPS.
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