Last Update: April 07, 2023, 10:54 AM IST
Pension system will be reviewed
The Finance Ministry said on Thursday that the Indian government has set up a panel to review the country’s pension system and discuss whether changes are necessary.
The Finance Ministry said on Thursday that the Indian government has set up a panel to review the country’s pension system and discuss whether changes are necessary.
Finance Minister Nirmala Sitharaman announced last month that the government would consider changes to the country’s pension system, used by the federal and all state governments, while seeking to integrate various schemes adopted by the country’s ruling and opposition political parties.
The panel will be headed by Finance Secretary, TV Somanathan, and the three other people on the panel will be the chairman of the Pension Fund Regulatory and Development Authority, another senior official from the finance ministry and a senior official from the ministry responsible for pensions. , the Finance Ministry said in a statement.
The debate over the country’s current pension scheme, adopted in 2004, has intensified after some Indian states have decided to revert to an earlier system where the pension burden fell entirely on the government, with no contribution from employees. It happens.
This has been seen as a risk to government finances, prompting the federal government to launch a review.
No time limit has been specified for the panel to submit its report.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)