The Finance Ministry has invited applications for filling the posts of Whole-Time Member (Law) and Whole-Time Member (Economics) at the Pension Fund Regulatory and Development Authority (PFRDA), which is the pension regulator.
Both the posts are falling vacant on May 31 this year. The appointed Members can hold office for five years and would be eligible for reappointment. The only stipulation is that the Whole-Time Member cannot hold office after attaining the age of 62 years.
Currently, Pramod Kumar Singh is the Whole-Time Member (Law) and Deepak Mohanty is the Whole-Time Member (Economics) at PFRDA.
PFRDA Board comprises of a Chairperson and not more than six members, of whom at least three should be Whole-Time Members to be appointed by the central government.
The Department of Financial Services in the Finance Ministry has now said that the appointment would be made by the Centre on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC). The FSRASC is, however, free to identify and recommend any other person also, based on merit.
An applicant for PFRDA Member (Economics) should have at least 25 years of experience in economics, leading to a senior position in the organisation concerned. Besides government servants , public sector officials and officers in regulatory body, from private sector and academics can apply. In the case of private sector employee, the person should have worked as the functional head for at least five years in a company having an annual turnover of ₹ 1,000 crore or more, the Department of Financial Services has said.
An applicant from academics should have worked a minimum five years as a Professor in the Department or faculty of a University.
The eligibility criteria for an applicant looking to become Member (Law) is the same as that of Member (Economics) except that the applicant should have at least 25 years experience in law.
Both the appointed Members will be entitled to a consolidated salary of ₹4 lakh per month each without facility of house and car or any other allowance, the Department of Financial Services has said.