The Hindu Editorial (Middle path) – Aug 26, 2024

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The Hindu Editorial (Middle path) – Aug 26, 2024:

Unified Pension Scheme (UPS) (noun) – The Central Government has launched the Unified Pension Scheme (UPS), which provides government workers with a steady pension based on their length of service and most recent basic salary drawn. It assures government employees of 50% of their last-drawn pay as a lifelong monthly benefit. The UPS, will be a contributory scheme, with employees’ chipping in 10% of salary and the government bringing in 18.5% of salary. Besides, a minimum pension of ₹10,000 a month has been promised for those who complete at least 10 years of central government service.
overcome (noun) – deal with, solve, get over.
shortcoming (noun) – fault, flaw, imperfection/defect.
halfway (adverb) – to some extent/degree; to a certain extent/degree; comparatively, relatively, somewhat.
hold on to (phrasal verb) – hang on, cling to, cling on to, maintain, grasp, hold tightly.
fiscal prudence (noun) – cautiousness, carefulness, judgement on fiscal decisions like borrowing, and spending, and managing the fiscal targets.
prudence (noun) – cautiousness, carefulness, wariness, circumspection; good judgement/management.
contributory (adjective) – relating to a type of pension scheme where both the employer and the employee contribute.
market-linked (adjective) – used to explain a financial product that is related to the performance of a stock market.
underwrite (verb) – support, back, finance, fund, pay for, guarantee.
exchequer (noun) – the government department that controlled public money; national treasury, coffers, funds, resources, finances, reserves, money, wealth, cash, wherewithal, capital, assets, deep pockets, kitty.
demographic (adjective) – relating to the statistical study/structure of populations, especially human beings.
Budget Estimates (BE) (noun) – Amount of money allocated in the Budget to any ministry or scheme for the coming financial year.
Revised Estimates (RE) (noun) – Revised Estimates are mid-year review of possible expenditure, taking into account the rest of expenditure, New Services and New instrument of Services etc.
receipts (noun) – proceeds, profits, earnings, returns, income, revenue, gain, yield, turn over.
deferred (adjective) – set aside, save, put aside, earmarked, withhold; shelved, postponed.
wage (noun) – salary, payment, income, remuneration, earnings.
deferred wage (noun) – a part of an employee’s salary (wage), which is set aside for later payment.
at the cost of (phrase) – at the loss of, at the sacrifice of; at the disadvantage of.
cost (noun) – loss, suffering, drawback, disadvantage
outsource (noun) – to contract out (jobs/services).
resort to (verb) – have recourse to, fall back on, turn to, use, utilize, make use of, avail oneself of, adopt.
Agnipath (noun) – the Agnipath scheme is for recruitment of soldiers in the three branches of the armed forces, on a short-term basis. Under the scheme, youth between 17.5 to 21 years of age will be enrolled on an ‘All-India All-Class’ basis as soldiers for four years. These recruits, who will be known as ‘Agniveers’, will form a distinct rank bearing a distinct insignia (badge/ emblem) in the respective forces. They will not be eligible for any pensionary benefit under the scheme.
short service (adjective) – relating to a scheme whereby employees work for their employer for a relatively short period.
balloon (verb) – increase rapidly; soar, rise, escalate, shoot up, surge, spiral, skyrocket.
drive (verb) – cause to happen; force, compel, prompt, urge, pressurize.
measure (noun) – action, step, move, procedure.
lead to (verb) – cause, bring on, bring about, result in, produce, give rise to.
state capacity (noun) – the ability of governments to effectively implement their policies and achieve their goals.
avenue (noun) – method, way.
expanding (adjective) – increasing, widening, multiplying.
new pension scheme or National Pension System (NPS) (noun) – The Pension Fund Regulatory & Development Authority Act was passed on 19th September, 2013 and the same was notified on 1st February, 2014. It is a pension cum investment scheme launched by the Government of India to provide old age security to Citizens of India. In this NPS, those employed by the government contribute 10 percent of their basic salary to NPS, while their employers contribute up to 14 percent. Private sector employees can also participate in the NPS voluntarily, although some rules have changed.
autonomous (adjective) – self-governing, independent, self-determining, self-sufficient.
entity (noun) – establishment, set-up, structure, system.
stock market (noun) – equity market, share market (a stock is a security, but every security is not a stock).
boom (noun) – a period of rapid economic growth.
decade (noun) – a period of ten years.
turn out (phrasal verb) – transpire, happen, occur, come about, end up.
old pension scheme (OPS) (noun) – In the OPS, upon retirement, employees receive 50 percent of their last drawn basic pay plus dearness allowance or their average earnings in the last ten months of service, whichever is more advantageous to them. A ten-year service requirement should be met by the employee.
restoration (noun) – bringing back, reinstitution, reinstallation, re-establishment, revival.
push/back to the corner (phrase) – to force someone into a difficult or unpleasant situation; to make someone to feel embarrassed/awkward.
committee (noun) – panel, council, body, advisory group.
Cabinet Secretary (noun) – the top-most executive official and senior-most civil servant of the Government of India.
designate (adjective) – appointed, nominated, selected, chosen, elected, named (but yet to take up the role/responsibility).
devise (verb) – create, develop, come up with, compose, formulate, work out, draw up.
enhanced (adjective) – increased, supplemented, magnified, raised, augmented, strengthened, intensified.
dignity (noun) – self-respect, self-esteem, pride, respectability, decency.
financial/economic security (noun) – the ability to maintain a standard of living through a stable income or other resources, both now and in the future.
sustainable (adjective) – relating to practices or conditions that can be maintained or continued over the long term without causing significant negative impacts on the environment, society, or economy.
sustainable (adjective) – reasonable, sensible, well-founded (without disturbing the balance of nature and then without exhausting all of the natural resources).
broad (adjective) – comprehensive, extensive, wide, wide-ranging, broad-ranging.
consensus (noun) – an idea or opinion that is shared by all the people in a group, agreement, concurrence, general opinion/view, common consent.
social security (scheme/benefit) (noun) – (In India) social security schemes/benefits cover these (Pension, Health Insurance, and Medical Benefit, Disability Benefit, Maternity Benefit, Gratuity) social insurances. Employers in the organized sector are entitled to coverage under these social security schemes. A large number of Indian workers in the unorganized/informal sector may not have an opportunity to participate in each of these schemes.
pressure group (noun) – it is an organised group of people that aim to influence the policies and actions of the government
guaranteed (adjective) – officially assured.
wholeheartedly (adverb) – sincerely, unconditionally, completely, committedly, dedicatedly, enthusiastically.
rather than (phrase) – instead of.