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NEW DELHI : The government on Thursday formed a four-member committee led by the finance secretary to look into ways of improving the pension benefits of government employees under the National Pension System (NPS) without compromising on fiscal prudence, showed an official order.
The move comes at a time some of the state governments have announced going back to the old pension scheme with assured pension as a share of the last drawn salary. Although seen as a populist measure, states’ move had raised concerns about the burden it may bring upon their exchequer. Centre’s move to have rethink on pension indicates that it could become an important public policy issue ahead of the national polls early next year.
The order issued by the finance ministry said that secretaries of the department of personnel and training, special secretary in the department of expenditure and Chairman of Pension Fund Regulatory & Development Authority (PFRDA) are the members of the committee.
It will look into whther any changes are warranted in NPS applicable to government employees. If so, the panel has to suggest measures that are appropriate to modify the same with a view to improving upon the pensionary benefits of government employees covered under the NPS, keeping in view the fiscal implications and impact on overall budgetary space, so that fiscal prudence is maintained to protect the common citizens, the order said.
The order also referred to an announcement made by finance minister Nirmala Sitharaman in Lok Sabha last month about setting up a committee to look into pensions with respect to evolving an approach addressing the needs of government employees while maintaining fiscal prudence.
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