The Hindu Business Line : ADB panel to submit pension scheme report to Govt in May

THE five-member team appointed by the Asian Development Bank (ADB) to work out a pension scheme for the approximately 37-crore unorganised sector workers in India will submit its report to the Central Government around the middle of May.

Headed by Mr Chris Butel of the Australia-based New South Global Pty Ltd, a wholly-owned subsidiary of the University of New South Wales, the team includes pension product specialist, Mr Graham Bird, regulation specialist from the Canada-based Lawrie Savage and Associates Inc, Indian pension sector specialist, Mr Gautam Bhardwaj, and domestic legal expert and former Executive Director (Legal) of the Securities and Exchange Board of India (SEBI), Ms D.N. Rawal, and a regulation specialist from the Canada-based Lawrie Savage and Associates Inc.

Speaking to Business Line, one of the members said that the survey was complete and the findings are being analysed.

"It is one of the most complex surveys of this kind based on a very large sample size that has been carried out anywhere in the world. Though we completed the survey around the end of November 2004, we are yet to decipher any clear trend. The analysis is expected to be completed by the end of April and around the middle of May we expect to submit our report to the Government," he said.

The survey covered 40,800 individuals employed in the unorganised sector across 29 States and separately considered the situations in urban and rural areas.

Last year, the National Democratic Alliance Government gave the responsibility of working out a pension scheme for the unorganised sector workers to the ADB.

The ADB in turn had commissioned New South Global in association with Lawrie Savage & Associates Inc and Invest India Economic Foundation.

According to Mr Sanjeeva Reddy, President, Indian National Trade Union Congress (INTUC), the Indian situation is very different from the rest of the world and the ADB exercise could only be theoretical.

On the other hand, the Left unions felt that the panchayat institutions should have been a better bet to help the Government frame a pension scheme for the unorganised sector workers with region-specific focus.

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