National Pension Scheme: A committee has been formed to improve the National Pension System. The Finance Ministry has issued the Office of Memorandum, in which it has been told that the Finance Secretary, who is also the Secretary Expenditure, will head this committee. Apart from this, Department of Personnel and Training, Ministry of Personnel, Public Grievances and Pension, Special Secretary, Department of Expenditure and Chairman of PFRDA will be other members of this committee.
Looking at the terms of reference of the committee, they will see whether there is a need to make changes in the framework and structure of the existing National Pension System. If the committee feels the need for changes, then what changes can be made so that the pension of government employees can be improved in the National Pension Scheme. If necessary, the committee can choose any government officials for suggestions. The committee can consult the states. However, the office memorandum did not specify by when the committee would submit its suggestions to the government.
During the passage of the Finance Bill in the Lok Sabha, Finance Minister Nirmala Sitharaman had announced that the National Pension System would be made more attractive for government employees. For this, he had announced the formation of a committee on the National Pension System under the chairmanship of the Finance Secretary. The Finance Minister said that the recommendations of this committee will be applicable to all, including central government employees and state government employees.
During the discussion on the Finance Bill, the Finance Minister said in the Lok Sabha that, under the chairmanship of the Finance Secretary, I would like to consider the issue of pension and develop an approach that meets the needs of the employees while maintaining fiscal prudence while protecting the common citizens. I announce to form a committee to do this. The Finance Minister said that the recommendations of the committee will be prepared for adoption by both the Central Government and the State Governments.
There is a fierce battle between the Center and the states ruled by the opposition parties regarding the National Pension Scheme. These days the employees of the state government including the central government are protesting against the National Pension Scheme and are demanding to revive the old pension scheme. Controversy is also increasing because the old pension scheme has been reinstated in Congress-ruled states like Himachal Pradesh, Rajasthan, Chhattisgarh. After which the pressure on the government to review NPS was increasing.
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