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04 Sep, 2013 08:21 PM

PFRDA Bill passed in the Lok Sabha; Confederation protests and stages walkout

PFRDA Bill passed in the Lok Sabha; Confederation protests and stages walkout
The Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011 as passed in the Lok Sabha today. The bill seeks to provide statutory powers to the pension fund regulator and will allow foreign investors to own as much as 26% in pension funds. The Confederation Of Central Government Employees & Workers conducted nationwide walkout and protest demonstrations  against PFRDA Bill when it was taken up in the Lok Sabha. (See the pictures)

The Bill will have to be now approved by the Rajya Sabha and get the President’s approval to become a law.

The foreign direct investment (FDI) cap in the pension sector will now be linked to that prevailing in the insurance sector. If the insurance Act is amended to allow higher FDI, the same will also be applicable to the pensions sector, said Chidambaram.

Some members also sought a minimum guaranteed return from pension funds. Bhartruhari Mahtab from the Biju Janata Dal said the standing committee on finance had recommended minimum guarantee under the scheme. “There should be minimum assured return. This should not be an additional burden on the government,” he said. Chidambaram, in his reply, said the regulator PFRDA will notify schemes where assured returns are offered. He, however, pointed out that it is not possible to predict what return can be guaranteed over the next few years.




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