The Hindu : National : Approval for interim pension fund authority

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Approval for interim pension fund authority

Special Correspondent

NEW DELHI: With the Pension Fund Regulatory and Development Authority Bill still awaiting approval, the Union Cabinet on Thursday gave its nod for notifying, in the extraordinary gazette, a new resolution for constitution and continuation of an interim PFRDA body.

Briefing journalists, Information and Broadcasting Priyaranjan Dasmunsi said the interim authority would continue to deal with all norms and procedures relating to promotion and regulation of pension as also advise the government from time to time. Alongside, certain changes pertaining to rules and regulations of appointment and house rent allowance of PFRDA officials were carried out.

The PFRDA Bill seeking to grant more freedom to fund managers has been pending in Parliament since its introduction by Finance Minister P. Chidambaram in 2005. Intended to replace an ordinance promulgated in 2004 for setting up the pension regulator, the Bill was subsequently referred to a Parliamentary Standing Committee following the Left parties’ opposition to the legislation.

The standing committee recommended that the Bill be passed after certain modifications.

However, the amended Bill could not be tabled in Parliament owing to stiff opposition by the Left.

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