|
|
New, Improved Pension Bill Set for House Debut
By Mahua Venkatesh, The Financial Express
India
November 7, 2005
The much-awaited Pension Fund Regulatory and Development Authority (PFRDA) Bill, is likely to be passed by Parliament during the winter session beginning November 23. Following the re-drafting of the Bill after the parliamentary standing committee's recommendations, the Left parties have toned down their objections to the Bill, which proposes a shift from the existing pension system based on defined benefit to one of defined contribution. It may be noted that the Bill had been referred to the standing committee after strong protests from the Left parties on the issue. "The Bill, as of now, is slated to be taken up during the coming Parliament session as the finance ministry wants the new pension scheme in place at the earliest," an official source said. The new PFRDA Bill allows subscribers to opt for a 100% government securities scheme.
|
|
