Govt announces Unified Pension Scheme

The Indian government has introduced the Unified Pension Scheme (UPS) for central government employees, set to take effect on April 1, 2025. The UPS merges the benefits of the Old Pension Scheme (OPS) and the current National Pension Scheme (NPS), offering improved retirement benefits to 23 lakh government employees.

Key features of the UPS include:

1. Assured Pension: Employees with at least 25 years of service will receive a pension equal to 50% of their average basic pay in the final 12 months before retirement.
2. Family Pension: In case of the subscriber's death, the family will receive 60% of the pension.
3. Minimum Pension: Even employees with 10 to 25 years of service are guaranteed a minimum pension of ₹10,000 per month.
4. Inflation Indexation: Pensions will be indexed to inflation, similar to Dearness Relief for serving employees.
5. Lump Sum Payment: At retirement, employees will receive a lump sum in addition to their assured pension.

The government's contribution to the scheme will increase from 14% to 18.5% of the employee's income, enhancing the financial security of government employees in their retirement.

Source: https://www.livemint.com/news/india/unified-pension-scheme-explained-from-assured-pension-to-inflation-indexation-5-salient-features-nps-ups-11724550866786.html

Question: What are key differences between NPS and UPS?

Govt gives nod to BioE3 policy, Vigyan Dhara scheme to foster R&D

The Union Cabinet has approved the 'BioE3' (Biotechnology for Economy, Environment, and Employment) policy to boost high-performance biomanufacturing. This policy aims to promote innovation in research, development, and entrepreneurship across various biotechnology sectors. It will also support the establishment of biomanufacturing hubs, bio-AI centers, and biofoundries, contributing to India's green growth goals and a circular bioeconomy.

Additionally, the Cabinet has approved the continuation of the Department of Science and Technology's umbrella schemes under a unified central sector scheme named 'Vigyan Dhara,' with a budget of ₹10,579 crore for 2021-2026. This scheme will focus on capacity building, research and development, and technological innovation.

Source: https://www.business-standard.com/india-news/cabinet-nod-to-bioe3-policy-for-innovation-driven-support-to-r-d-124082400774_1.html

Question: What is BioE3 policy?