The Government has started the search for a successor to Pension Fund Regulatory and Development Authority (PFRDA) Chairman, the post of which fell vacant following the resignation of Yogesh Agarwal.
The tenure of the chairperson would be for five years or till the selected candidate attains the age of 65 years, the Finance Ministry said while inviting applications for the post.
The pay and allowance of the new chairperson will be Rs 4.5 lakh per month without the facility of accommodation and car.
The last date for applying for the post is December 27.
At present, Joint Secretary in the Finance Ministry Anup Wadhawan is acting as the interim Chairman of the PFRDA. The post of Chairman fell vacant on November 13 following Agarwal’s resignation.
Agarwal, who had one and half years more to go as the PFRDA chairman, resigned within days of his name not being included in the selection panel for shortlisting of wholetime members of the pension fund regulator by the Finance Ministry.
The PFRDA consists of a chairperson and not more than six members, of whom at least three shall be whole-time members, to be appointed by the government.
The chairperson and every whole-time member would hold office for a term of five years and would be eligible for reappointment. The age limit for chairperson is 65 years, while for wholetime members it is 62 years.
The PFRDA was established by the government in August 2003 to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds.