No sign of pension reforms in 2009
Pension reform remains among the unfinished agenda of the UPA government in 2009 even as it gave every citizen an option to get an old age safety net for the first time in Indian history. - Power sector in the dark in 2009 - Corporate heads not in favour of religious profiling of staff - MP to import 4.5 lakh tonnes coal for power generation - Govt re-drafts Bill to control communal violence - Sinha describes austerity measures as tokenism - FM confident of managing differences over disinvestment However, in its second stint at the Centre without the support of the Left, the UPA government mustered enough courage to clear the revised Pension Fund Regulatory and Development Authority (PFRDA) Bill, which sources say is likely to be tabled in the Budget session of Parliament. The revised Bill will give statutory powers to interim regulator PFRDA to make it on par with other financial regulators-- Sebi, RBI and IRDA. PFRDA was created by an executive order in 2003 and requires full constitutional powers from the legislation to become full-fledged regulator. The Bill, if passed, will set the stage for FDI in these funds and will specify a cap for this purpose, unlike the original Bill which has kept the issue of FDI cap open ended. Unlike old pension system for government employees, where only the government contributed to the fund to give assured benefit to its employees, under NPS both employees and the government chip in with matching contributions. Most state governments, with the exception of the left-ruled West Bengal, Kerala and Tripura and northeast states, have also joined the NPS.Kwikpayday commented:
This was not a good thing that there wont be any changes in the pension reform but it should be in the coming time
12.09.2011
Quick Quid commented:
It is really a sad news that such reform have not taken place.For betterment of people,such reforms must take place.Thanks for such post.
14.11.2011
12 month loans commented:
Sad news it is. Such reform is really need of the time. Hoping they will understand this soon.Thanks for such post.
23.11.2011
Wealth Transfer Asia commented:
It could be biggest thing that our senior citizens had got but the government has again let down them,but hopefully soon govement will come with other good and beneficial plan.
26.12.2011
Mortgage Specialist commented:
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03.01.2012
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04.01.2012
Family Businesses Asia commented:
As there are No sign of pension reforms in 2009 - it is a very sorry state of affairs
05.01.2012