Pensions and Government Policy Quiz

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Questions and Answers

What is the term used to describe the observations made by Copernicus regarding the earth's orbit?

Proof (correct)

Speculation

Hypothesis

Evidence

What does the verb 'intimidate' mean?

To confuse someone with complexity

To support someone emotionally

To frighten or threaten someone (correct)

To persuade someone gently

Which of the following is the antonym of 'sunny'?

Cloudy (correct)

Brilliant

Bright

Clear

What is the meaning of the idiom 'burst the bubble'?

To suddenly end something Signup and view all the answers

Which adjective describes someone who is commanding and likely to be respected?

Authoritative Signup and view all the answers

What does the term 'compel' mean?

To force or oblige someone Signup and view all the answers

What does 'forceless' mean?

Lacking force or effectiveness Signup and view all the answers

Which of the following words is synonymous with 'brilliant'?

Sparkling Signup and view all the answers

What does the phrase 'push the corner' typically mean?

To force into a difficult situation Signup and view all the answers

Which word best describes 'sustainable'?

Enduring Signup and view all the answers

What percentage of total revenue receipts can pension budget estimates for States and Union Territories constitute?

6%-21% Signup and view all the answers

What is a common view among pensioners regarding pensions?

They are deferred wages Signup and view all the answers

What is a significant change introduced by the Unified Pension Scheme (UPS)?

Guaranteed pension of 50% of the average basic pay Signup and view all the answers

What do critics argue about funding pensions from the exchequer?

It burdens future generations Signup and view all the answers

What percentage of their total revenue receipts do various States and Union Territories allocate for pensions?

6%-21% Signup and view all the answers

How has the government impacted state capacity and job opportunities in the public sector?

By outsourcing jobs and leaving posts unfilled Signup and view all the answers

What is the minimum pension amount guaranteed under the Unified Pension Scheme after 10 years of service?

₹10,000 Signup and view all the answers

What does 'wholeheartedly' imply?

Sincerely Signup and view all the answers

What does 'manage to' mean in this context?

To accomplish something Signup and view all the answers

How has the Centre's share towards the new pension scheme changed compared to the NPS?

Increased from 14% to 18.5% Signup and view all the answers

What major challenge is highlighted regarding pensions worldwide?

Demographic challenges impacting pension sustainability Signup and view all the answers

What prompted the change in pension schemes towards the Unified Pension Scheme?

Demands for guaranteed pensions from employees Signup and view all the answers

How did the introduction of the New Pension Scheme (NPS) affect employees who retired under it?

They received much less than under the old scheme Signup and view all the answers

What has been a consequence of governments outsourcing jobs and introducing short service schemes?

Reduction in public sector job avenues Signup and view all the answers

Which statement about pensions is accurate?

Pensions are a right of all citizens, regardless of employment status. Signup and view all the answers

What inference can be made regarding the government's approach to recent pension measures?

The government is attempting to balance employee demands with fiscal responsibility. Signup and view all the answers

What is the best antonym for 'deferred' as referenced?

Immediate Signup and view all the answers

What key feature does the Unified Pension Scheme (UPS) provide?

The UPS promises a pension of 60% of the average basic pay of the last 12 months before retirement. Signup and view all the answers

What major political factor impacted the introduction of the Unified Pension Scheme (UPS)?

The Congress's push for pension restoration. Signup and view all the answers

In the context of the anecdote, what concept did the philosopher-dentist ask about?

The difference between truth and fact. Signup and view all the answers

What philosophical story is referenced regarding perception of reality?

The narrative of the blind men and the elephant. Signup and view all the answers

What is illustrated by Akira Kurosawa’s film Rashomon?

Different interpretations of the same event. Signup and view all the answers

What financial impact do pensions have according to the passage?

They create a financial burden for future generations. Signup and view all the answers

Which statement best summarizes the government's approach to employee demands regarding pensions?

The government has restored guaranteed pensions while considering fiscal responsibility. Signup and view all the answers

What does 'Immediate Deferred' imply?

It indicates something happening right away. Signup and view all the answers

What is the current share of the Centre towards the UPS?

18.5% Signup and view all the answers

How long must one work to qualify for the minimum pension of ₹10,000?

At least 10 years. Signup and view all the answers

Which option accurately describes the effect of the measures like Agnipath mentioned in the passage?

They are aimed at addressing pension issues indirectly. Signup and view all the answers

What does the passage imply about employee contributions under the UPS?

Employee contributions are still necessary. Signup and view all the answers

What main issue does the passage raise about pensions?

They create significant financial challenges for government budgets. Signup and view all the answers

Study Notes

Unified Pension Scheme Overview

The Centre has reinstated guaranteed pensions, balancing employee demands with fiscal responsibility.
Pension systems globally face crises due to demographic changes and economic pressures.
In India, pension budget estimates for 2023-24 total ₹5,22,105.4 crore, accounting for 6%-21% of state revenue.

Perspectives on Pensions

Pensioners regard pensions as deferred wages, while critics argue they burden future generations.
Governments are outsourcing jobs and implementing short-term service schemes, such as Agnipath, which impacts state capacity and job availability.

New Pension Scheme (NPS) Challenges

The NPS, introduced during a stock market boom, has resulted in lower than expected retirement benefits for employees who joined post-January 1, 2004.
Political pressure, notably from the Congress party advocating for the restoration of the old pension scheme, influenced the current changes.

Key Features of the Unified Pension Scheme (UPS)

UPS ensures a pension of 50% of the average basic pay from the last year before retirement and a minimum of ₹10,000 for those with at least 10 years of service.
The Centre's contribution to pensions increased from 14% under NPS to 18.5% under UPS to enhance financial security for government employees.

Consequences of Policy Changes

Outsourcing and unfilled posts reduce public sector job opportunities, exacerbating employment challenges for youth.
The new measures reflect an attempt by the government to meet fiscal constraints while addressing employee welfare.

Political Implications

The establishment of the UPS was significantly motivated by the opposition's pressure for restoring previous pension benefits.
The UPS aims to satisfy employee demands while trying to maintain fiscal discipline in government spending.

Intimidate: to frighten or threaten to persuade someone.
Forceless: lacking force or effectiveness.
Compel: to force or oblige someone to do something.
Dignity: self-respect, honor, and decency.
Sustainable: viable and maintainable over time.

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Description

This quiz explores various perspectives on pensions as a right for citizens, their economic implications, and government measures regarding pensions. Analyze the impacts of these financial commitments on future generations and overall government finances.