Government Sets Up NPS Review Committee: Know in Detail Here
- Posted on April 7, 2023
- News
- By Bishal kalita
- 304 Views
Government Sets Up NPS Review Committee:-
Day by day, the skepticism against the NPS among working-class citizens and business tycoons alike is only escalating. With many people preferring to go back to the Old Pension ways, the government has intervened at a crucial time with the hope of clarifying all the doubts on the matter.
The government set up the NPS review committee on Friday. As per reports, Finance Secretary will lead the committee to review and provide suitable suggestions to the government.
Apart from the Chairman, the 4-member NPS review committee will include the Secretary of the Department of Personnel & Training Ministry of Personnel, Public Grievances and Pension; the Special Secretary of the Department of Expenditure; and the Chairman of the Pension Fund Regulatory and Development Authority (PFRDA).
The order circulated by the government read, "The undersigned is directed to invite attention to the announcement made by the Finance Minister in Lok Sabha on 24.3.2023 to, inter-alia, set up a Committee under the Finance Secretary to look into the issue of pensions under the National Pension System in respect of Government employees and evolve an approach which addresses the needs of the employees while maintaining fiscal prudence to protect the common citizens."
According to the order, the NPS review committee is tasked with suggesting improvements to the benefits of the Government employees under the NPS while also keeping the "fiscal considerations" and the impact on overall "budgetary space" in mind.
The report states that the recommendations should, however, be made concrete only after consultation with the concerned states. The order also assigned the Department of Expenditure to provide Secretarial Assistance to the NPS review committee.
Whether the NPS review committee stands up to its expectations will only be clear in The upcoming months. If the committee can come up with viable alternatives for the people of India to accept NPS will be interesting to see.
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