FM Sitharaman Clarifies: No NPS Rollback, UPS Aims to Improve It

Finance Minister Nirmala Sitharaman clarified that there would be no rollback of the National Pension System (NPS), despite demands for its revision. Instead, the government plans to improve the existing system to address the concerns raised by various stakeholders, including state governments and employee unions. The NPS has been a topic of debate, with some advocating for a return to the old pension scheme, which provided guaranteed benefits. However, the Finance Minister emphasized that the NPS is a sustainable and forward-looking system that balances the need for fiscal prudence with the provision of retirement benefits. The government’s focus will be on enhancing the scheme to make it more attractive and beneficial for subscribers.