#Unified Pension Scheme pdf

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What is New Unified Pension Scheme 2024: Full Details, Calculator & More

What is the New Unified Pension Scheme (UPS)?

In response to opposition to the National Pension System (NPS) and the increasing demand for the Old Pension Scheme (OPS), the central government has provided a significant benefit to its employees.

Who is Eligible for the New Unified Pension Scheme?

Under this scheme, central government employees who have worked for 25 years will receive a pension equal to 50% of their basic salary from the last 12 months of their job.

States will also have the option to adopt this model. If they do, the total number of central and state employees covered by this scheme could reach 90 lakhs.

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Employee Benefits in China Insight 2019 | Development Research and Survey

Employee Benefits in China 2019

China is the worlds largest country, based on population. Despite being the second-largest economy in terms of nominal GDP and purchasing power parity after the US, its development is not uniform. Chinas social security system includes various types of social insurance schemes, and social assistance and supplementary schemes. The Ministry of Human Resources and Social Security (MHRSS), which administers the Social Insurance Law, is the apex body responsible for effective functioning of the countrys social security system. As most social security schemes do not meet employees requirements, several private companies offer voluntary supplementary schemes.

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The report provides in-depth industry analysis, information and insights of the employee benefits in China, including: overview of the state and compulsory benefits in China, detailed information about the private benefits in China, insights on various central institutions responsible for the administration of the different branches of social security and the regulatory framework of the employee benefits in China.

Key Highlights

– The Chinese social security system is under a process, with an aim to unify the social security and benefit systems. – The Ministry of Human Resources and Social Security (MHRSS), which administers the Social Insurance Law, is the apex body responsible for effective functioning of the countrys social security system. – Achieving universal social insurance cover is an important current policy priority of the Chinese government, which aims to achieve universal cover of basic social security insurance by 2020. – While the employer as well as the employee establishes the contributions for basic pension, basic medical and unemployment benefits, work-related injury, and child-bearing insurance premiums are the sole responsibility of the employer.

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Scope

– This report provides a detailed analysis of employee benefits in China. – It offers a detailed analysis of the key government-sponsored employee benefits, along with private benefits – It covers an exhaustive list of employee benefits, including retirement benefits, death in service, long-term disability benefits, medical benefits, workmen’s compensation insurance, maternity and paternity benefits, family benefits, unemployment, leave and private benefits – It highlights the economic and regulatory situations relating to employee benefits in China.

Reasons to buy

– Make strategic decisions using in-depth information related to employee benefits in China. – Assess Chinese employee benefits market, including state and compulsory benefits and private benefits. – Gain insights into the key employee benefit schemes offered by private employers in China. – Gain insights into key organizations governing Chinese employee benefits, and their impact on companies.

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