Current Affairs A-Z
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Bhil Tribe
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Read more > Creation of New States in India: Constitutional Provisions.
To read more about pension schemes in India, refer > Old Pension Scheme vs. New Pension Scheme.
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Reasons |
Explanation |
| Capped Contributions | Limits the amount workers can invest, preventing them from saving more for a higher pension. |
| Low Pension Amount | Results in a relatively low pension, insufficient for financial security in retirement. |
| Lack of Flexibility | Does not accommodate variable contributions, which is essential for workers with irregular incomes. |
| Guaranteed but
Limited Returns |
Limited returns need to account for inflation or rising living costs, leading to inadequate support. |
| No Investment Choices | Does not offer various investment options, missing potential higher returns for workers. |
| Inadequate for Diverse Needs | One-size-fits-all approach does not cater to the diverse financial needs and capabilities of workers. |
| Encourages Low Savings | Capped contributions and pensions indirectly discourage higher savings. |
| Comparatively Less Attractive | Less appealing compared to schemes like NPS-Lite that offer higher potential returns and flexibility. |
| Potential for Greater Economic Disparity | Low returns may widen the economic gap between informal and formal sector retirees. |
| Limited Appeal | Rigid structure and limited benefits might not attract enough informal sector workers to participate. |
Recent Government Initiatives Aimed at Supporting the Informal Sector
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Pension Fund Regulatory and Development Authority (PFRDA)
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Citizenship in India
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Aspect |
NITI Aayog |
Planning Commission |
| Role | Advisory Think Tank. | Extra-constitutional body. |
| Membership | Includes experts and specialists. | Had limited expertise. |
| Approach | Uses ‘Bottom-Up’ planning approach. | Followed ‘Top-Down’ approach. |
| Federalism | Promotes Cooperative Federalism with equal state partnership. | States were spectators in planning. |
| Leadership | CEO appointed by the Prime Minister. | Secretaries are appointed through the usual process. |
| Policy Imposition | Does not impose policies; focuses on advice. | Imposed policies & tied funds to approvals. |
| Funding Powers | It does not allocate funds; the finance minister handles that. | Had authority to allocate funds to ministries and states. |
Sustainable Development Goals India Index
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More Info > Sub-Categorisation Within Castes.
National Green Tribunal(NGT)
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International Efforts
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