Money & Banking

Budget 2020: Government mulls changes in PFRDA Act

PTI New Delhi | Updated on February 01, 2020

Representative image

Will separate it from NPS Trust for government staff

Finance Minister Nirmala Sitharaman has proposed to make amendments for separation of government pension trust from the PFRDA to strengthen the pension fund regulatory body.

“Necessary amendments would be carried out in the Pension Fund Regulatory and Development Authority Act. It will also facilitate separation of NPS Trust for government employees from PFRDA,” Sitharaman said while presenting the Union Budget 2020-21 in Parliament on Saturday.

She also said that the government will help ease in mobility while in jobs.

“We wish to infuse into the universal pension coverage with auto enrolment facility. Also, we wish to place such mechanism which will enable inter-operability and provide safeguards to the accumulated (pension) deposits,” she said.

Published on February 01, 2020

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