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Current Affairs Daily Digest – August 26 2024

1. Unified Pension Scheme (UPS)

The Unified Pension Scheme (UPS), starting on April 1, 2025, marks a big change in how India handles pensions for government employees. The UPS is designed to fix issues with the Old Pension Scheme (OPS) while keeping some of its good features.

Key Features of the UPS

• Contributory Model: Unlike the OPS, where employees didn’t have to contribute, the UPS requires employees to put 10% of their salary into their pension fund. The government will add another 18.5%, making it a shared responsibility.
• Guaranteed Pension: The UPS promises that retirees will get a pension equal to 50% of their average basic pay during the last 12 months before they retire, similar to the OPS.
• Minimum Pension: The scheme guarantees a minimum pension of ₹10,000 per month for employees who have worked for at least 10 years. This ensures that everyone gets a basic level of financial support after retirement.
• Enhanced Family Pension: If an employee passes away, their family will receive 60% of the employee’s pension. This is more generous than what the OPS offered.
• Inflation Protection: The UPS includes protection against inflation by adjusting pensions according to the All India Consumer Price Index for Industrial Workers (AICPI-IW). This helps keep the pension’s value steady over time.
• Lump Sum Payment: The UPS also provides a one-time lump sum payment at retirement, giving retirees extra financial security.

This new scheme aims to offer better financial support for government employees after they retire, blending good parts of the old system with new, improved features.

2. Former Lebanese Prime Minister Salim Hoss Dies at 94

Former Lebanese Prime Minister Salim Hoss, an influential leader during Lebanon’s challenging times, has passed away at 94. His death occurs as Lebanon faces growing tensions with Israel.

Hoss was known for his strong principles and dedication to Lebanon’s well-being. Current Prime Minister Najib Mikati called him the “conscience of Lebanon,” praising Hoss for his expertise, ethical approach, and commitment to putting the country’s needs above personal or sectarian interests. Hoss was also recognized as a prominent economist who always prioritized the nation’s welfare.

Hoss served as prime minister five times, leading Lebanon through its 15-year civil war (1975-1990) and its post-war rebuilding period (1998-2000). During a political crisis in 1988, Lebanon was divided between two rival governments—Hoss led one in Muslim west Beirut, while Michel Naim Aoun led the other in Christian east Beirut. His leadership during these turbulent years left a lasting impact on Lebanon’s political landscape.

3. India Welcomes First Civilian Space Tourist Gopichand Thotakura

Gopichand Thotakura, India’s first civilian space tourist, received a warm welcome in Delhi upon his return on August 26, 2024. Thotakura made history by participating in Blue Origin’s New Shepard-25 (NS-25) mission, a spaceflight initiative led by Amazon’s Jeff Bezos. This achievement makes him the second Indian to travel to space, following Rakesh Sharma’s 1984 mission. Thotakura’s journey lasted about ten minutes, reaching a peak altitude of 105 km.

Historic Achievement

Thotakura’s journey is a significant milestone as the first Indian space tourist. Alongside five other crew members, he experienced a brief but unforgettable spaceflight during the NS-25 mission. This journey provided him with a unique view of Earth from space, deepening his appreciation for our planet and highlighting the importance of its protection.

4. Mother Teresa’s 114th Birth Anniversary, Observed on August 26

August 26, 2024, marks the 114th birth anniversary of Mother Teresa, a revered figure whose legacy of love and compassion continues to inspire people around the world. Born on August 26, 1910, in Albania, she became one of the most beloved figures of the 20th century, known for her selfless dedication to serving humanity. Throughout her life, Mother Teresa was honored with numerous prestigious awards, including the Nobel Peace Prize, the Ramon Magsaysay Peace Prize, and India’s highest civilian honor, the Bharat Ratna.

Early Life and Education of Mother Teresa

Mother Teresa was born as Agnes Gonxha Bojaxhiu in Skopje, Macedonia. Raised in a devout Catholic family, she felt a strong spiritual calling at the young age of 12, leading her to decide to become a missionary. In 1928, at the age of 18, she left her home to join the Sisters of Loreto, an Irish order of nuns with missions in India. After completing her training in Dublin, she was sent to Kolkata, India, where she served as a school teacher from 1931 to 1948. During her time in Kolkata, the widespread poverty deeply affected her, inspiring her to dedicate her life to helping the poorest of the poor.

5. Arun Agarwal Named Chairman of Texas Economic Development Corporation

Texas Governor Greg Abbott has appointed Arun Agarwal, a Dallas-based Indian-American entrepreneur, as the Chairman of the Texas Economic Development Corporation (TEDC) Board of Directors. In this role, Agarwal will be responsible for promoting Texas as a top business destination both within the United States and globally. His appointment reflects Texas’s commitment to diversity and the growing influence of Indian-American leaders in important economic roles.

Background and Experience

Arun Agarwal, the CEO of Nextt, brings a wealth of experience in various fields including business, philanthropy, and international relations. His business ventures span multiple industries, including textiles, cotton trading, real estate, and sports management. Agarwal is also the Chairman of the National Cricket League (NCL), USA, and holds numerous leadership positions, such as co-chair of the Indian American CEO Council, President of the Dallas Parks and Recreation Board, and board member of esteemed organizations like the US India Friendship Council and the University of Texas executive board. His diverse expertise and leadership make him a key figure in Texas’s economic development efforts.

6. Veteran Congress Leader Vasantrao Chavan Passes Away at 70

Veteran Congress leader and recently elected Nanded MP, Vasantrao Chavan, passed away at 4 a.m. on August 26, 2024, at KIMS Hospital in Hyderabad. He was 70 years old and had been battling a prolonged illness, particularly renal issues. Despite receiving treatment, his condition worsened suddenly, leading to his passing.

Political Career and Achievements

Vasantrao Chavan had a remarkable political career, recently winning the Nanded Lok Sabha seat under challenging circumstances. He secured victory against BJP’s Pratap Patil Chikhalikar by a margin of 59,442 votes, even though he was dealing with health issues and the Congress party was weakened by key defections, including that of former Chief Minister Ashok Chavan to the BJP. Vasantrao Chavan notably expressed gratitude towards Ashok Chavan’s departure, believing it played a role in his own electoral success. His passing marks the loss of a seasoned and dedicated leader in Indian politics.

7. Dharmendra Pradhan Unveils First Edition of E-Magazine ‘Sapno ki Udaan’

On India’s National Space Day, celebrating the 1st anniversary of Chandrayaan-3’s historic landing on the lunar South Pole, the Department of School Education & Literacy, in partnership with NCERT, launched an e-magazine titled ‘Sapno ki Udaan.’ The inaugural edition was virtually released by Union Minister of Education, Shri Dharmendra Pradhan, with Minister of State for Education, Shri Jayant Chaudhary, also in attendance.

Significance

This e-magazine is designed in line with the National Education Policy (NEP) 2020, focusing on making education more accessible and equitable for all students. The magazine aims to equip students to face global challenges by fostering creativity and critical thinking. The theme of the current edition, ‘Space,’ highlights the boundless imagination of children, encouraging them to explore and dream big.

8. Lando Norris Wins Dutch Grand Prix 2024

The Dutch Grand Prix showcased an impressive performance as Lando Norris claimed his second career win, overtaking championship leader Max Verstappen in an exciting race. Norris, driving for McLaren, finished more than 20 seconds ahead of the next closest competitor, demonstrating his exceptional skill and determination.

Norris’s Remarkable Recovery

Although Norris lost the lead on the opening lap, he quickly demonstrated his racing expertise with a crucial early race overtake. This strategic maneuver allowed him to regain the lead and secure a commanding victory, highlighting his resilience and driving talent.