Unified Pension Scheme Approved

• The Union Cabinet, led by Prime Minister Narendra Modi, approved the Unified Pension Scheme (UPS) on August 24, 2024.
• Key features include:

1. a guaranteed pension of 50% of the average basic pay from the last 12 months before retirement, with a minimum of 25 years of service required;
2.  a family pension of 60% of the employee’s pension for dependents after their death; a minimum pension of ₹10000 per month after 10 years of service;
3.  inflation adjustments and dearness relief based on the All India Consumer Price Index for Industrial Workers;
4.  a lump sum payment at retirement of 1/10th of monthly pay plus dearness allowance for every six months of service.

• The scheme, benefiting 23 lakh central government employees, will start on April 1, 2025.

Jackson Hole Economic Policy Symposium 2024

• The Jackson Hole symposium is known for its economic policy which was held from August 22-24, 2024, and is significant as it may provide insights into future interest rate changes.
•  Jerome Powell, the Federal Reserve Chair, delivered a speech that could hint at whether the Fed will lower interest rates to address unemployment concerns.
• Investors kept a close watch, as such decisions can impact global financial markets. Organized annually by the Federal Reserve Bank of Kansas City since 1978, the Jackson Hole Economic Policy Symposium attracts prominent central bankers, economists, and policymakers.
• This influential event has seen notable speakers like former Fed Chair Ben Bernanke and ex-President of the European Central Bank, Mario Draghi, discussing major economic and monetary policy issues.

Misleading A1 and A2 Labels on Dairy Products Banned

• The Food Safety and Standards Authority of India (FSSAI) on August 24, 2024 announced that dairy products like milk, ghee, butter and curd should no longer carry “A1” or “A2” labels.
• The FSSAI stated that these labels could mislead consumers. Companies currently using these labels have 6 months to sell their existing stock before removing the labels.
• A1 and A2 refer to different types of beta-casein proteins in cow’s milk, with A1 typically found in Northern European breeds such as Holsteins, and A2 in breeds from areas like the Channel Islands, such as Guernsey cows.
•  While some studies suggest A2 milk may be easier on digestion, the evidence is not conclusive.
• The FSSAI aims to avoid misleading health claims due to unclear scientific evidence.

First Sighting of Mithun Bovine in Assam (Environment and Ecology)

• The Mithun, also known as the gayal (Bos frontalis), has been newly recorded in Assam, marking a significant development in animal science as of August 24, 2024.
• Previously, mithuns were only known to inhabit Arunachal Pradesh, Nagaland, Manipur, and Mizoram.
• This new finding indicates their presence in the Dima Hasao district of central Assam. Historically, mithuns were found in the following northeast Indian states:
• Arunachal Pradesh with 350154 mithuns, Nagaland with 23123, Manipur with 9059, and Mizoram with 3975.
•  Recently, over 200 mithuns were discovered in Assam's remote areas like Laisong, Langting, and Thaijuwari, expanding the known range of these animals.
•  Past livestock surveys often misidentified mithuns, labeling them as “others,” leading to their underreporting until recent specialist visits clarified their numbers in Assam.

First Reusable Hybrid Rocket of India Launched (Space and Technology)

• Space Zone India, in collaboration with the Martin Group, launched India’s first reusable hybrid rocket, Rhumi-1, from Chennai on August 24, 2024.
• This rocket, equipped with a mobile trajectory, carried a payload of 50 pico satellites and three cube satellites.
• The sounding rocket reached an altitude of approximately 35 km before returning to Earth shortly after conducting several experiments.
• Mylswamy Annadurai, former Director of ISRO Space Centre and leader of the mission, explained that Rhumi-1 utilized a mix of liquid and solid fuel propellants.
•  This hybrid approach aims to boost efficiency and reduce operational costs.

Suicide Drones of North Korea (Defence)

• North Korean leader Kim Jong Un revealed new "suicide drones" designed to crash into enemy targets with explosives on August 24, 2024.
• The test was deemed successful, as all drones accurately identified and destroyed their targets along preset routes.
• Observing the test in a cream-colored baker boy hat, Kim Jong Un used high-powered binoculars and smiled as the drones struck their targets.
• He stressed the need to expand North Korea’s drone capabilities by developing more suicide drones and introducing strategic reconnaissance and multi-purpose attack drones.
• He also emphasized the integration of advanced technologies, including artificial intelligence, into drone development.
• Experts believe the technology may have Russian origins, reflecting North Korea's ambition to enhance its modern warfare capabilities.

Indian women clinched 1st team title at U17 wrestling World Championship

• At the Under-17 World Wrestling Championship held in Amman, Jordan, Indian women achieved their first-ever team title with 185 points on August 24, 2024.
• Japan secured second place with 146 points, and Kazakhstan was third with 79 points.
•  Kajal became the 5th Indian wrestler to win gold, triumphing 9-2 over Ukraine’s Oleksandra Rybak in the 69kg category.
• Shrutika Patil won silver in the 46kg category after losing to Japan’s Yuu Katsume.
•  Raj Bala earned bronze in the 40kg category with an 11-5 victory over Japan’s Monaka Umekawa, while Muskan claimed bronze in the 53kg category by defeating USA’s Isabella Gonzales.
• The Indian women’s team ended with 8 medals, including 5 gold, 1 silver and 2 bronze.
• India has a total of 10 medals in the championship, including two bronze in Greco-Roman wrestling.

11th Puthiya Thalaimurai Tamilan Awards

• The 11th edition of the Puthiya Thalaimurai Tamilan Awards celebrated excellence across various fields, highlighting both veteran professionals and emerging talents on August 24, 2024.
• This distinguished event showcased the diverse achievements within Tamil Nadu and beyond. The awards cover 6 main categories:

1. Tamil Literature
2. Arts
3. Sports
4. Business
5. Science and Technology
6. Social Work

• Each category included 2 specific accolades:

1. Achiever Award: Honoring established individuals with notable contributions.
2. Promising Talent Award: Recognizing up-and-coming talents with exceptional potential.

Subhadra Scheme Launched in Odisha

• Odisha Chief Minister Mohan Majhi launched the Subhadra scheme, a major initiative by the BJP government on August 24, 2024.
• The scheme will provide ₹50000 to one crore women aged 21 to 60 over five years, with a budget of ₹55825 crore.
• Starting from the financial year 2024-25 and running until 2028-29, the funds will be disbursed in annual installments of ₹10000, split into two payments of ₹5000 on Rakhi Purnima and International Women’s Day.
• The money will be transferred directly to the beneficiaries' Aadhaar-linked bank accounts via the Aadhaar Payment Bridge System (APBS), and a Subhadra debit card will be issued.
• Women from privileged backgrounds, government employees, and income tax payees are excluded. The scheme also encourages digital transactions with incentives for top users.

Innovative Campaign to Achieve a Plastic-Free State

• The Gujarat Pollution Control Board (GPCB) launched an innovative campaign on August 24, 2024, to combat plastic pollution and work towards a plastic-free state.
• GPCB has introduced cloth bag vending machines, similar to ATMs, at major temples across Gujarat, providing devotees with reusable cloth bags for ₹5 each.
• This initiative aims to reduce plastic waste at temples, which are often hotspots for plastic pollution.
• Additionally, reverse vending machines for plastic bottles have been installed at 7 major ST bus stands and 1 railway station, recycling over 9500 bottles in 2 months.
•  The campaign has received positive feedback, with over 5000 cloth bags sold in 60 days.
• GPCB plans to expand this initiative by installing similar machines at 250 Amul Parlour outlets across the state.