The Unified Pension System (UPS), approved by the Union Cabinet on Saturday, is "fiscally prudent" as it will be funded within the Centre's fiscal projections, according to TV Somanathan, the Cabinet Secretary-designate.
Speaking to Business Standard immediately after the Cabinet nod, former finance secretary Somanathan, who headed the committee set up in March 2023 to review the National Pension System (NPS), said the UPS will not postpone pension expenditure as it will be contributory and financed each year.
"It is fiscally prudent in the sense that we will have to absorb it each year in the Union Budget within our budgeted fiscal deficit," he said. "It is a fully funded contributory scheme." Importantly, Somanathan pointed out, there will be no burden on any future government. "It will not go to any future government... In this, we will pay the liability, which is estimated currently at 18.5 per cent," he explained.
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