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K.R.Srivats

New Delhi, Oct. 6 The Centre has infused fresh authority into the functioning of the interim Pension Fund Regulatory and Development Authority (PFRDA) by re-issuing a resolution which brought it on board in October 2003.

The Law Ministry had opined that the resolution should be re-issued as it had got merged with the PFRDA ordinance 2004, which however had lapsed in April 2005. Last Friday, the Cabinet gave its nod to re-issue the resolution with modifications.

Official sources said that the tenure of the Chairman and the whole-time members has been modified in the new resolution so as to align it with the provisions of the PFRDA Ordinance 2004 and the PFRDA Bill 2005. This Bill is still pending in the Lok Sabha.

As against the norm in the initial resolution that allowed the PFRDA Chairman and other members to hold office for a period of two years or till the statutory PFRDA was in place, whichever was earlier, the new resolution permits them a term of five years with provision for re-appointment.

However, the Chairman can continue only up to the age of 65 years and whole-time member can continue till the age of 62 years.

Sources also said that the re-issued resolution, which would be applicable from April 8, 2005, would enable the Government to de-link the pay of the Chairman, PFRDA from the pay scale of the Secretary. It would allow giving higher pay to the PFRDA Chairman.

More Stories on : Pension Plans | Regulatory Bodies & Rulings

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