The Centre has appointed Parama Sen, Additional Secretary, Department of Expenditure in the Finance Ministry, as a part-time member in Pension Fund Regulatory and Development Authority (PFRDA).

All three part-time member posts in PFRDA board are now filled. 

Sen, a 1994 batch Indian Audit and Accounts Services (IAAS) officer, replaces Anne George Mathew, Additional Secretary in Finance Ministry, who demitted office this year.

PFRDA has a chairman besides three whole-time members and three part-time members. The post of Member (Law), which fell vacant in May last year, remains to be filled.

The two other part-time members — Rahul Singh (Department of Personnel and Training) and Pankaj Sharma (Department of Financial Services) — were appointed last year.

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Finance Minister Nirmala Sitharaman speaking in the Lok Sabha during the Winter session of Parliament, in New Delhi, on Tuesday

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Even though the growth in tax revenue during H1 (April-September) 2023-24 at 14.6 per cent is marginally lower than the budgeted 17.9 per cent, it is expected to improve during H2 (October-March) 2023-24 due to a favourable base and continued robust GST collection

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As of March 31, 2023, the total number of Central government pensioners was around 68 lakh, including defence pensioners.

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Pension scheme growth

The assets under management of India’s National Pension System (NPS) and the Atal Pension Yojana (APY) are showing a robust CAGR of over 20 per cent over last the five years and on course to cross the ₹11-lakh-crore mark this  fiscal. NPS assets had touched the ₹10-lakh-crore mark on August 25 this year.

Meanwhile, enrolments under APY crossed 6 crore, including over 70 lakh in the current financial year.

The flagship social security scheme was launched on May 9, 2015, by Prime Minister Narendra Modi to provide old age income security, specifically for the poor, underprivileged, and workers in unorganised sectors.

Under APY, the subscriber is eligible for triple benefits — lifelong monthly pension of ₹1,000-5,000 from the age of 60 years, depending on the contribution, which would vary based on the joining age. 

The pension would be paid to the spouse after the demise of the subscriber; on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned to the nominee.

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