pension scheme

UPS could shake up NPS

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UPS could shake up NPS

The new pension scheme announced by the government on Saturday could substantially impact the National Pension System (NPS) if most central government employees shift to the Unified Pension Scheme (UPS) as expected. However, this may not be the case if the NPS is mandated to manage the individual pension fund, one of the two funds … Read more

Why China’s public sector workers are in a rush to retire early

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Why China’s public sector workers are in a rush to retire early

Under the new system, China’s 8 million civil servants and 32 million employees of public institutions must pay 8 per cent of their salaries into the pension scheme, while their employers contribute 20 per cent. Previously, public sector workers did not have to make any contributions and were paid up to 80 per cent of … Read more