The week in charts: New pension scheme, GDP forecast, RIL-Disney merger
Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. The government has approved a new pension scheme, which promises government employees 50% of their last salary as a retiral payout, and other benefits. Meanwhile, India's economic growth may have slowed in April-June, according to a Mint poll.
The Union cabinet has approved a Unified Pension Scheme (UPS), effective 1 April 2025, combining features of the Old Pension Scheme (OPS) and the National Pension Scheme (NPS). The UPS guarantees an assured monthly pension of 50% of the last drawn salary before superannuation. Under this scheme, employees will contribute 10% of their salary, while the government will contribute 18.5%, including dearness allowance to account for inflation.
Unlike the NPS, which lacked a guaranteed pension and did not account for inflation, the UPS addresses these shortcomings while being more cost-effective than the OPS. A rift between car dealers and manufacturers is deepening over excessive inventory levels. The Federation of Automobile Dealers Associations (FADA) has reportedly written twice in two months to the Society of Indian Automobile Manufacturers (SIAM), accusing them of dumping stock on dealers.
This tension arises amid lacklustre growth in motor car registrations, which saw a modest 1.8% increase year-on-year between May and July, according to an analysis by howindialives.com. This decline has impacted most carmakers, including the top four. 6.85%: That's the estimated growth rate for India's economy in the April-June quarter of the current fiscal year, as per a median estimate of 25 economists polled by Mint.
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