Government of India Approves Unified Pension Scheme for Employees
The Union Cabinet has approved the Unified Pension Scheme (UPS), aimed at enhancing retirement benefits for approximately 23 lakh government employees. This new scheme will serve as an alternative to the existing National Pension System (NPS), which has been in place since April 1, 2004.
Key Features of the Unified Pension Scheme (UPS)
Assured Pension: Employees with a minimum of 25 years of service will receive a pension equal to 50% of their average basic pay from the last 12 months. For those with at least 10 years but less than 25 years, a proportionate pension will be provided.
- Family Pension: In case of an employee’s death, their family will receive a pension amounting to 60% of the employee’s pension.
- Minimum Pension Guarantee: A minimum pension of ₹10,000 per month is assured for retirees who have served at least 10 years.
- Inflation Protection: The UPS includes inflation indexation for pensions, ensuring adjustments based on the All India Consumer Price Index for Industrial Workers.
Lump Sum Payment: Employees will also receive a lump sum payment upon retirement, calculated as 1/10th of their monthly emoluments for every six months of service, without affecting their assured pension.
- Implementation: The scheme will be effective from April 1, 2025, with retroactive benefits for retirees up to March 31, 2025.
- Transition from NPS to UPS: Current NPS subscribers can switch to the UPS starting from the next financial year.
Paris 2024 Paralympic Games
The Paris 2024 Paralympic Games were officially opened by French President Emmanuel Macron at Place de la Concorde. This marks France’s first time hosting the Paralympic Summer Games, with the opening ceremony taking place outside of a stadium.
Highlights of the Ceremony and Games
- Aim: The opening ceremony aims to change perceptions about disabilities and challenge stereotypes, promoting inclusivity.
- Participating Athletes: Approximately 4,400 athletes from 168 delegations will compete across 22 sports starting August 30. Notable newcomers include Eritrea, Kiribati, and Kosovo.
- China’s Delegation: China has sent a team of 284 athletes, featuring both male and female competitors.
India’s Participation
India is sending its largest-ever contingent to the Paralympics, with 84 athletes, including a record 32 women. India will compete in 12 sports, introducing para-cycling, para-rowing, and blind judo for the first time.
Notable Indian Athletes
- Avani Lekhara: Competing in the 10m Air Rifle event.
- Sumit Antil: The world record holder in javelin throw.
- Pramod Bhagat: A leading para-badminton player.
- Ekta Bhyan: Competing in club throw.
Mascot of the Games: Phryge
- Symbolism: Inspired by the Phrygian cap, a symbol of liberty, Phryge embodies determination and inclusivity.
- Design and Role: With bold colors and an energetic appearance, Phryge will engage in various activities throughout the games, promoting participation in sports for all abilities and emphasizing the strength of diversity.
Overall, the UPS aims to provide enhanced retirement benefits for government employees, while the Paris 2024 Paralympic Games showcases a commitment to inclusion and empowerment for athletes with disabilities.
National Affairs
- Launch of RHUMI-1: India’s space initiatives received a boost with the successful launch of RHUMI-1, the world’s first mobile hybrid rocket.
National Space Day: On India’s inaugural National Space Day, the e-magazine “Sapno ki Udaan” was launched, marking an educational milestone.
- Lakhpati Didis: Prime Minister Narendra Modi awarded certificates to 11 lakh new Lakhpati Didis at an event in Jalgaon, Maharashtra.
- New Districts in Ladakh: The Ministry of Home Affairs announced the creation of five new districts in Ladakh, as revealed by Home Minister Amit Shah.
- Public Grievance Guidelines: The Union Government introduced new guidelines for handling public grievances, focusing on citizen empowerment and streamlining the process.
- GST Bhawan Inauguration: Finance Minister Nirmala Sitharaman inaugurated the new GST Bhawan in Udaipur, located in the Hiran Magri area.
NHRC Photography Competition: The National Human Rights Commission announced the results of its online human rights photography competition, organized in collaboration with MyGov.
- Young Mountaineer: Teghbir Singh, a five-year-old from Punjab, became the youngest Asian to successfully summit Mount Kilimanjaro.
- PRAGATI Meeting: PM Modi chaired the 44th edition of the PRAGATI meeting, which focuses on proactive governance and timely implementation.
- INS Arighat Commissioning: Defence Minister Rajnath Singh will commission INS Arighat, India’s second nuclear-powered ballistic missile submarine, enhancing the country’s nuclear deterrence capabilities.
- Goa Citizenship Award: Goa Chief Minister Pramod Sawant granted Indian citizenship to Joseph Francis Pereira, a Pakistani Christian, under the Citizenship (Amendment) Act.
- NICDP Projects Approved: The Cabinet Committee on Economic Affairs approved 12 new projects under the National Industrial Corridor Development Programme.
RESET Programme Launch: On National Sports Day, the “Retired Sportsperson Empowerment Training” (RESET) Programme was launched by Union Minister Dr. Mansukh Mandaviya.
- Vadhvan Port Project: PM Modi is set to lay the foundation stone for the Vadhvan Port project and address the Global Fintech Fest in Mumbai.
- Project NAMAN: The Indian Army launched the first phase of Project NAMAN to support Defence pensioners, veterans, and their families.
- New Vande Bharat Trains: PM Modi will flag off three new Vande Bharat trains, enhancing travel options for people in Uttar Pradesh, Tamil Nadu, and Karnataka.
States in the News
- Revised NPS in Maharashtra: The Maharashtra Cabinet approved a revised National Pension Scheme for state employees, aligned with the Central Government’s Unified Pension Scheme.
- Mithun Discovery in Assam: Assam officially recorded the presence of mithun (Bos frontalis) for the first time in Dima Hasao district.
First State to Adopt UPS: Maharashtra became the first state to adopt the Unified Pension Scheme for its employees shortly after the central introduction of the scheme.
- Shri Krishna Gaman Path: Rajasthan and Madhya Pradesh Chief Ministers announced plans for the ‘Shri Krishna Gaman Path’ to boost religious tourism, linking Mathura and Ujjain.
- Mukhya Mantri Sukh Shiksha Yojana: Himachal Pradesh allocated ₹53.21 crore annually for this scheme to support the education of children from vulnerable families.
- Digital Media Policy in UP: The Uttar Pradesh government launched a Digital Media Policy to incentivize social media influencers to promote state initiatives.
Pollution Control Vessel Launched: The Indian Coast Guard launched its first indigenously developed Pollution Control Vessel, ‘Samudra Pratap,’ in Goa.
- Sports Development in Bihar: On National Sports Day, CM Nitish Kumar inaugurated new sports facilities in Rajgir, promoting sports development in the state.
- Cyclone Asna: Cyclone Asna formed over the Kutch coast in Gujarat and is expected to move further away from the western coast within 48 hours.
International Affairs
- North Korea’s Suicide Drone: Kim Jong Un revealed a new “suicide drone,” overseeing its performance test, as reported by state media.
India-Indonesia Counter-Terrorism Cooperation: India and Indonesia reaffirmed their commitment to combating terrorism, particularly concerning the misuse of new technologies, during the sixth Joint Working Group meeting in Jakarta.
- Mother Teresa Awards: The 24th International Mother Teresa Awards Ceremony was held in Dubai on August 26, 2024, commemorating her 114th birth anniversary.
- Typhoon Shanshan: Typhoon Shanshan made landfall in Japan’s Kyushu region on August 29.
- Singapore Airlines Merger: Singapore Airlines received Indian government approval for foreign direct investment in the merger of Vistara with Air India, forming one of the world’s largest airline groups.
Nepal’s Healthy City: The WHO declared Dhulikhel Municipality in Nepal as the country’s first ‘healthy city’ and the second healthiest in Asia, following extensive health initiatives since 2014.
- UN Humanitarian Funding: The UN allocated $100 million from the Central Emergency Response Fund to address humanitarian needs in ten countries, emphasizing urgent resource needs for aid agencies.
Agreements/MoUs Signed
- ICAR-CIFE and VAMNICOM MoU: The Central Institute of Fisheries Education and Vaikunth Mehta National Institute of Cooperative Management signed an MoU on August 26, 2024.
US-Peru Minerals Agreement: The US and Peru signed an agreement to enhance cooperation on critical minerals, aiming to improve governance and investment in the sector.
- India-Malaysia MoU: India and Malaysia signed an MoU to strengthen their close political, economic, and socio-cultural relations.
- Colombo Security Conclave: National Security Adviser Ajit Doval participated in signing the founding documents of the Colombo Security Conclave, enhancing regional security collaboration.
Books and Authors
- IAF Comic Book Launch: Air Chief Marshal V R Chaudhari launched the first comic book in a series dedicated to Indian Air Force heroes to engage younger generations.
Banking/Economy/Business News
Tata AIA Life Insurance: Launched the Sampoorna Raksha Promise, a new term insurance product focused on enhancing financial security for families.
- Piramal Finance Partnership: Partnered with Central Bank of India to expand co-lending operations for underserved markets.
- Amazon’s AI Shopping Assistant: Announced the beta launch of Rufus, a generative AI-powered shopping assistant in India.
- Bharti Airtel and Apple Partnership: Announced a content partnership to provide exclusive Apple Music and Apple TV+ deals in India.
India’s GDP Growth: Projected to grow by 7.0% to 7.1% in Q1 FY2024-25 according to SBI’s Ecowrap report.
- Jana Small Finance Bank Awards: Recognized for excellence at the 2nd ICC Emerging Asia Banking Conclave & Awards.
- ESAF Small Finance Bank: Introduced the Inori RuPay Platinum Credit Card in collaboration with NPCI.
- TCS Pace Studio: Launched its fifth studio in Manila to drive digital innovation in the Asia-Pacific region.
- Reliance Jio’s AI Tools: Mukesh Ambani announced the launch of ‘Jio Brain’, a suite of AI tools at the Reliance AGM.
- Infosys and NVIDIA Partnership: Expanded collaboration to develop generative AI solutions for telecom operators.
- Moody’s GDP Forecast: Revised India’s GDP growth forecast to 7.2% for FY2024.
LIC Dividend Announcement: Presented a dividend cheque of ₹3,662.17 crore to Finance Minister Nirmala Sitharaman.
- Navratna Status for CPSEs: Four Central Public Sector Enterprises were granted ‘Navratna’ status, increasing the total to 25.
- RBI Penalties: Imposed penalties on UCO Bank and Cent Bank Home Finance Ltd for regulatory non-compliance.
- Mastercard Payment Passkey Service: Launched in India to enhance online shopping security, leveraging biometric authentication.
Appointments/Resignations
- Chirag Paswan Re-elected: Re-elected as the national president of Lok Janshakti Party (Ram Vilas).
- Arun Agarwal’s Appointment: Appointed as the Chairman of the Texas Economic Development Corporation Board.
- Sanjeev Raina’s Promotion: Appointed Additional Director General in the India-China LAC guarding force.
- Nasscom Leadership Change: Sindhu Gangadharan appointed as the new chairperson of Nasscom.
- Jay Shah as ICC Chair: Elected unopposed as the new Chair of the International Cricket Council.
- B Srinivasan as NSG DG: Appointed as the new Director General of the National Security Guard.
- Satish Kumar’s Appointment: Named as the new Chairman and CEO of the Railway Board.
- Vice Admiral Rajesh Dhankhar: Took over as the Director General of Project Seabird.
- Fatemeh Mohajerani in Iran: Appointed as the first female government spokesperson in Iran.
- Subhasri as Shriram Capital MD: Appointed as Managing Director and CEO.
- Daljit Singh Chaudhary: Appointed as the new Director General of the Border Security Force.
- Dr. T.V. Somanathan as Cabinet Secretary: Assumed the role, succeeding Rajiv Gauba.
Defence News
Indian Defence Procurement: The Indian Defence Ministry is finalizing an order for 73,000 SiG 716 G2 patrol assault rifles from the US, following a previous procurement of 72,400 rifles in 2019. These weapons will equip frontline troops across the Army, Air Force, and Navy.
- IAF’s International Presence: The Indian Air Force dispatched its Sarang Helicopter Display Team to the inaugural Egypt International Airshow from September 3-5, showcasing India’s indigenous aviation capabilities.
- INS Tabar’s Engagement: INS Tabar, a frontline frigate, visited Malaga, Spain, on August 25, 2024, and conducted a Maritime Partnership Exercise with the Spanish Navy in the Mediterranean Sea.
Awards and Recognitions
FICCI Young Leaders Awards: Ayushmann Khurrana and Olympic gold medalist Neeraj Chopra received the FICCI Young Leaders Youth Icon award at a ceremony in New Delhi.
- Kerala Tourism Recognition: Kerala Tourism won the prestigious Pacific Asia Travel Association (PATA) Gold Award 2024, enhancing India’s global tourism profile.
Summits and Conferences
- India-Singapore Ministerial Roundtable: The 2nd India-Singapore Ministerial Roundtable was held on August 26 to strengthen trade and economic ties.
Russia-India Emergency Management Meeting: The second meeting of the Joint Russian-Indian Commission on Emergency Management took place on August 28 in Moscow.
- INDUS-X Summit Announcement: The third edition of the India-US Defense Acceleration Ecosystem (INDUS-X) Summit is scheduled for September 9-10, 2024, at Stanford University.
Ranks and Reports
- Hurun India Rich List 2024: Mumbai has emerged as the new “billionaire capital of Asia,” reflecting significant changes in wealth distribution across the continent.
Sports News
- Dutch Grand Prix: Lando Norris clinched his second career win at the Dutch Grand Prix, outperforming championship leader Max Verstappen.
Tanvi Patri’s Badminton Achievement: 14-year-old Tanvi Patri from Odisha won the women’s singles title at the Asian U-15 Junior Championships in Chengdu, China.
- Indian Surfing Team Success: The Indian surfing team won a silver medal at the Maruhaba Cup during the Asian Surfing Championships in the Maldives.
- Dawid Malan’s Retirement: Former top-ranked T20 batter Dawid Malan announced his retirement from international cricket.
- Karthik Venkataraman’s Chess Victory: Karthik Venkataraman won the Indian National Championship, scoring 9 out of 11 points.
Bangladesh U-20 Championship Win: Bangladesh won the SAFF U-20 Championship, marking its first title in this tournament’s history.
- Avani Lekhara’s Paralympic Gold: Avani Lekhara made history as the first Indian woman to win two gold medals at the Paralympics, retaining her title in the women’s 10m air rifle standing SH1 event in Paris.
- Manish Narwal’s Silver Medal: Shooter Manish Narwal earned a silver medal in the Men’s 10m Air Pistol SH1 event at the Paris Paralympics 2024.
Preethi Pal’s Milestone: Preethi Pal won India’s first-ever medal in the 100m event at the Paralympic Games, securing bronze in the women’s T35 100m.
- Mona Agarwal’s Achievement: Mona Agarwal won a bronze medal in the women’s 10m air rifle standing SH1 event at the Paris Paralympics 2024.
Schemes and Committees News
- Bilateral Meeting on Civil Nuclear Commerce: Union Minister Dr. Jitendra Singh chaired a meeting in New Delhi focusing on US-India Civil Nuclear Commerce.
‘Vigyan Dhara’ Scheme Approved: The Union Cabinet approved the continuation of three umbrella schemes merged into a unified central sector scheme called ‘Vigyan Dhara’ under the Department of Science and Technology.
- Unified Pension Scheme Launched: Ahead of assembly elections, the government launched the Unified Pension Scheme (UPS) amidst protests over the New Pension Scheme (NPS).
- SPICED Scheme for Spice Exports: The Spices Board of India introduced the SPICED scheme to enhance spice exports and productivity, focusing on sustainability and collaboration.
10th Anniversary of PMJDY: The Pradhan Mantri Jan Dhan Yojana (PMJDY) celebrated its 10th anniversary, with Prime Minister Modi congratulating the beneficiaries on social media.
- Launch of SHe-Box Portal: Union Minister of Women and Child Development, Annapurna Devi, launched the SHe-Box portal to address complaints of sexual harassment in workplaces.
Science and Technology News
- Return of India’s First Civilian Space Tourist: Gopichand Thotakura received a warm welcome in Delhi after his space journey on August 26, 2024.
Approval for RT-PCR Testing Kits: The Central Drugs Standard Control Organisation approved Siemens Healthineers to manufacture RT-PCR kits for detecting Mpox.
- Launch of Novel Cholera Vaccine: Bharat Biotech launched Hillchol (BBV131), a new oral cholera vaccine, addressing a significant global demand gap.
- Bird Flu Outbreak in Odisha: An outbreak of H5N1 avian influenza was reported in Pipili, Odisha, leading to the culling of over 11,700 chickens.
NASA’s Underwater Robots: NASA engineers are developing underwater robot probes to study ice shelf melting in Antarctica due to climate change.
- Listeria Outbreak in the US: Over 50 illnesses and nine deaths have been reported due to a Listeria outbreak across 18 states.
Important Days News
Mother Teresa’s Birth Anniversary: August 26, 2024, marked the 114th birth anniversary of Mother Teresa, celebrated for her legacy of love and compassion.
- World Water Week: The Stockholm International Water Institute hosted World Water Week from August 25-29, 2024.
- International Day Against Nuclear Tests: August 29 is observed globally to remind about the devastating effects of nuclear weapons testing.
- National Sports Day in India: August 29 is celebrated in India, honoring Major Dhyan Chand and emphasizing the importance of sports.
International Day of the Victims of Enforced Disappearances: Observed on August 30, this day highlights the issue of enforced disappearances.
- International Day for People of African Descent: August 31 marks recognition of the contributions and challenges faced by individuals of African descent.
Obituaries News
- Vasantrao Chavan: Veteran Congress leader and recently elected Nanded MP passed away on August 26, 2024.
- Salim Hoss: Former Lebanese Prime Minister Salim Hoss, aged 94, passed away, known for his role during Lebanon’s tumultuous years.
- Daniela Larreal Chirinos: The cycling community mourns the loss of celebrated Venezuelan Olympic cyclist Daniela Larreal Chirinos at age 51.
Kiingi Tuheitia Pootatau Te Wherowhero VII: New Zealand’s Māori King passed away on August 30, 2024, shortly after celebrating 18 years on the throne.
Static Takeaways
Organizations and Leaders
- FICCI
- Headquarters: New Delhi, India
- President: Subhrakant Panda
- Established: 1927
- NASA
- Headquarters: Washington, D.C., USA
- Administrator: Bill Nelson
- Established: 1958
Central Drugs Standard Control Organisation (CDSCO)
- Headquarters: New Delhi, India
- Drugs Controller General: Rajeev Singh Raghuvanshi
- Established: 1940
- Spices Board of India
- Headquarters: Kochi, Kerala, India
- Chairman: A.G. Thankappan
- Established: 1987
- Indian Air Force (IAF)
- Headquarters: New Delhi, India
- Chief of the Air Staff: Air Chief Marshal Vivek Ram Chaudhari
- Established: October 8, 1932
- Border Security Force (BSF)
- Headquarters: New Delhi, India
- Director General: Daljit Singh Chaudhary
- Established: December 1, 1965
Central Industrial Security Force (CISF)
- Headquarters: New Delhi, India
- Director General: Rajwinder Singh Bhatti
- Established: March 10, 1969
- National Security Guard (NSG)
- Headquarters: New Delhi, India
- Director General: Nalin Prabhat
- Established: 1984
- International Cricket Council (ICC)
- Headquarters: Dubai, UAE
- Chairman: Jay Shah
- CEO: Geoff Allardice
- Established: 1909
- Nasscom
- Headquarters: New Delhi, India
- Chairperson: Rajesh Nambiar
- Established: 1988
Banking and Finance
UCO Bank
- Headquarters: Kolkata, West Bengal, India
- MD & CEO: Ashwani Kumar
- Established: 1943
- Life Insurance Corporation of India (LIC)
- Headquarters: Mumbai, Maharashtra, India
- Chairman: Siddhartha Mohanty
- Established: 1956
- Tata Consultancy Services (TCS)
- Headquarters: Mumbai, Maharashtra, India
- CEO & MD: K Krithivasan
- Chairman: Natarajan Chandrasekaran
- Established: 1968
ESAF Small Finance Bank
- Headquarters: Thrissur, Kerala, India
- MD & CEO: K. Paul Thomas
- Established: 2017
- Jana Small Finance Bank
- Headquarters: Bengaluru, Karnataka, India
- MD & CEO: Ajay Kanwal
- Established: 2008
Notable Companies
- Amazon
- Headquarters: Seattle, Washington, USA
- CEO: Andy Jassy
- Founded: 1994
- NVIDIA
- Headquarters: Santa Clara, California, USA
- CEO: Jensen Huang
- Established: 1993
- Infosys
- Headquarters: Bengaluru, Karnataka, India
- CEO: Salil Parekh
- Chairman: Nandan Nilekani
- Established: 1981
- Reliance Jio
- Headquarters: Mumbai, Maharashtra, India
- Chairman: Akash Ambani
- Established: 2007
Countries and Capitals
- Odisha
- Capital: Bhubaneswar
- Chief Minister: Mohan Charan Majhi
- Governor: Raghubar Das
- State Formation: April 1, 1936
- Singapore
- Capital: Singapore
- President: Tharman Shanmugaratnam
- Prime Minister: Lawrence Wong
- Independence: August 9, 1965
- Malaysia
- Capital: Kuala Lumpur
- Prime Minister: Anwar Ibrahim
- Independence Day: August 31, 1957
- Philippines
- Capital: Manila
- President: Ferdinand Marcos Jr.
- Independence Day: June 12, 1898 (from Spain)
- Iran
- Capital: Tehran
- Supreme Leader: Ali Khamenei
- President: Masoud Pezeshkian
- Established as an Islamic Republic: 1979
- Indonesia
- Capital: Jakarta
- President: Joko Widodo
- Independence Day: August 17, 1945
Military
- Indian Army
- Headquarters: New Delhi, India
- Chief of Army Staff: General Upendra Dwivedi
- Established: April 1, 1895 (as British Indian Army)
- India-China LAC Guarding Force
- Primary Forces Involved: Indian Army, Indo-Tibetan Border Police (ITBP)
- Regions: Ladakh, Arunachal Pradesh
- Established: After the Sino-Indian War of 1962
Other Notable Organizations
- WHO (World Health Organization)
- Headquarters: Geneva, Switzerland
- Director-General: Dr. Tedros Adhanom Ghebreyesus
- Established: April 7, 1948
- Central Institute of Fisheries Education (CIFE)
- Headquarters: Mumbai, Maharashtra, India
- Director: Ravishankar C.N.
- Established: 1961
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