Srinagar, April 06: Union Finance Ministry on Friday formed a committee to look into the issue of pensions of government employees under National Pension System(NPS).
Officials said that the four member committee will suggest suitable measures to improve the pension benefits under NPS while considering fiscal implications & impact on overall budget.
In a communication by Annie G. Mathew, Special Secretary to the Government of India(GoI) , the committee will be led Finance Secretary to review the pension system for government employees.
"The undersigned is directed to invite attention to the announcement made by the Finance Minister in Lok Sabha on 24.3.2023 to, inter-alia, set up a Committee under the Finance Secretary to look into the issue of pensions under the National Pension System in respect of Government employees and evolve an approach which addresses the needs of the employees while maintaining fiscal prudence to protect the common citizens," the order said.
Finance Secretary & Secretary (Expenditure) will be the committee Chairman while other three members will be Secretary,Department of Personnel & Training, Ministry of Personnel, Public Grievances & Pensions; Special Secretary (Pers), Department of Expenditure Ministry of Finance and Chairman,Pension Fund Regulatory & Development Authority (PFRDA).
The terms of reference of the committee shall be to check whether in the light of the existing framework and structure of the National Pension System, as applicable to Government employees, any changes therein are warranted;
"If so, to suggest such measures as are appropriate to modify the same with a view to improving upon the pensionary benefits of Government employees covered under the National Pension System, keeping in view the fiscal implications and impact on overall budgetary space, so that fiscal prudence is maintained to protect the common citizens, " it said.
The Committee may also co-opt any officer of the Central Government as part of its deliberations, whenever such a need is felt by the Committee. "The Committee shall devise its own procedure and mechanism, including consultation with States etc., to arrive at its recommendations, " it said.