{"id":78174,"date":"2024-02-15T12:45:21","date_gmt":"2024-02-15T07:15:21","guid":{"rendered":"https:\/\/www.practicemock.com\/blog\/?p=78174"},"modified":"2024-02-15T12:48:22","modified_gmt":"2024-02-15T07:18:22","slug":"the-hindu-editorial-vocabulary-february-15-2024-day-553","status":"publish","type":"post","link":"https:\/\/www.practicemock.com\/blog\/the-hindu-editorial-vocabulary-february-15-2024-day-553\/","title":{"rendered":"The Hindu Editorial Vocabulary\u2013 February 15, 2024; Day 553"},"content":{"rendered":"\n
Difficult Word\/ Phrase<\/strong><\/td>Contextual Sense<\/strong><\/td><\/tr>
Recommended <\/td>Suggested as being good or suitable for a particular job or purpose, or suggested as an action that should be done<\/td><\/tr>
Demand <\/td>To ask for something forcefully, in a way that shows that you do not expect to be refused<\/td><\/tr>
Pension <\/td>A sum of money paid regularly to a person who has retired (= stopped working because of having reached a certain age)<\/td><\/tr>
Predecessor<\/td>Someone who had a job or a position before someone else, or something that comes before another thing in time or in a series<\/td><\/tr>
Approximately <\/td>Close to a particular number or time although not exactly that number or time<\/td><\/tr>
Component <\/td>A part that combines with other parts to form something bigger<\/td><\/tr>
Budgetary <\/td>Related to the amount of money that is available to spend<\/td><\/tr>
Proportionate <\/td>In correct relation to<\/td><\/tr>
Accumulations <\/td>To gradually increase in number or amount<\/td><\/tr>
Contributions<\/td>Payments from a company or employee to pay for an employee’s benefits such as medical insurance or a pension<\/td><\/tr>
Valuation <\/td>The act of deciding how much money something might be sold for or the amount of money decided on<\/td><\/tr>
Demolished <\/td>To completely destroy a building, especially in order to use the land for something else<\/td><\/tr>
Equating <\/td>To consider as the same, or to connect in your mind<\/td><\/tr>
Judgment <\/td>The ability to form valuable opinions and make good decisions<\/td><\/tr>
Expansive <\/td>Covering a large area<\/td><\/tr>
Estimate<\/td>To guess or calculate the cost, size, value, etc. of something<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Pension concerns: On the EPFO recommendation  <\/strong><\/h1>\n\n\n\n

A hike in minimum pension will help the lower strata among the retired <\/strong><\/h3>\n\n\n\n

The recommendation of the Central Board of Trustees of the Employees\u2019 Provident Fund Organisation (EPFO) for a 0.1-percentage-point increase in provident fund (PF) deposits for 2023-24 should not be surprising, as it is in tune with what the EPFO did last year. However, the recommended (suggested as being good or suitable for a particular job or purpose, or suggested as an action that should be done) <\/strong>rate of 8.25% is 0.4-percentage points lower than in 2018-19, a pre-election year like 2023-24. If cleared by the Union Finance Ministry, it will involve the transfer of a record \u20b91,07,000 crore to EPF members. But the development has not pleased those with a long-standing demand (to ask for something forcefully, in a way that shows that you do not expect to be refused) <\/strong>for an increase in the minimum pension (a sum of money paid regularly to a person who has retired (= stopped working because of having reached a certain age) <\/strong>of \u20b91,000. When in the opposition, the ruling Bharatiya Janata Party had demanded that the pension be raised to \u20b93,000 (the UPA government had proposed \u20b91,000 a month). On coming to power in 2014, the BJP carried out faithfully, with effect from September 2014, what was finalised by its predecessor (someone who had a job or a position before someone else, or something that comes before another thing in time or in a series)<\/strong>, benefitting approximately (close to a particular number or time although not exactly that number or time) <\/strong>20.5 lakh pensioners. Months ago, the Finance Ministry had rejected a proposal to double the minimum pension amount, citing a \u201chuge rise\u201d in the budgetary (related to the amount of money that is available to spend) <\/strong>support needed under the Employees\u2019 Pension Scheme (EPS), 1995. There is one more component (a part that combines with other parts to form something bigger) <\/strong>in the budgetary <\/strong>support which refers to the Central government\u2019s contribution at 1.16% of wages up to an amount of \u20b915,000 a month. For FY2024-25, the Ministry has projected \u20b910,950 crore as budgetary support against the revised estimate (to guess or calculate the cost, size, value, etc. of something) <\/strong>of \u20b9 9,760 crore for the current year. The Finance Ministry calculates that a 100% rise in the minimum pension would be more than the proportionate (in correct relation to) <\/strong>increase in the overall budgetary support as numerous pensioners had received much less than \u20b91,000 as monthly pension till 2014.<\/p>\n\n\n\n

Describing the EPS as a \u201cDefined Contribution-Defined Benefit\u201d social security scheme, the government said in the Rajya Sabha that all benefits were paid out of accumulations (to gradually increase in number or amount) <\/strong>through contributions (payments from a company or employee to pay for an employee’s benefits such as medical insurance or a pension)<\/strong>, and as per the fund\u2019s valuation (the act of deciding how much money something might be sold for or the amount of money decided on) <\/strong>as on March 31, 2019, there was \u201can actuarial deficit.\u201d However, this argument has been virtually demolished (to completely destroy a building, especially in order to use the land for something else) <\/strong>in the EPFO\u2019s annual report (2022-23). Notwithstanding its reasons not to hike the minimum pension, the government must note that the difference between the minimum and original pension was about \u20b9970 crore for 2022-23. So, the doubling of minimum pension is no strain. There are other key issues too such as equating (to consider as the same, or to connect in your mind) <\/strong>the amount of spouse pension on a par with what a member-pensioner gets. In the case of higher PF pension, the rules have been framed after the 2022 Supreme Court judgment (the ability to form valuable opinions and make good decisions) <\/strong>wherein most of the pre-2014 retirees would not be covered; there are around four lakh such applications for higher pension. A more expansive (covering a large area) <\/strong>approach to PF pension matters will help senior citizens.<\/p>\n\n\n\n

Unlock the power of words, one step further!\u00a0Download the Lists of Word-Meanings of Previous Months here<\/a>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Want to know the meanings of difficult words in the Hindu Editorial Vocabulary of February 15, 2024? Check All Details<\/p>\n","protected":false},"author":14,"featured_media":78177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[47],"tags":[3969,69],"class_list":["post-78174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-vocabulary","tag-daily-hindu-vocab","tag-editorials-difficult-words-2"],"yoast_head":"\nThe Hindu Editorial Vocabulary\u2013 February 15, 2024; Day 553 - Practicemock<\/title>\n<meta name=\"description\" content=\"Want to know the meanings of difficult words in the Hindu Editorial Vocabulary of February 15, 2024? 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