The NPS tragedy

The government has just announced a new scheme called the Unified Pension Scheme, a modification of the NPS meant only for government employees. Shorn of the cloud of verbiage surrounding this new scheme, it essentially re-injects an element of guaranteed pension into the post-retirement earnings of government employees. In theory, this new guaranteed pension is optional, and employees can opt for the NPS. For all practical purposes, the NPS is now dead as far as government employees go. Here's a simple truth: If the National Pension System had been implemented right from 2004 in the spirit it had been designed, then pre-2004 government employees (still on the old sy