The Congress-led United Progress Alliance Government is keen to get the Pension Fund Regulatory and Development Authority Bill 2011 passed by Parliament. Parliamentary Affairs Minister Kamal Nath on Wednesday indicated that the monsoon session of Parliament may be further extended as several crucial bills are pending.
Key features of the Pension Fund Regulatory and Development Authority Bill:
- Statutory powers to the Pension Authority to act as a regulator.
- Allows subscribers to invest in stock markets with a cap.
- Bill will give subscribers individual pension accounts.
- Subscribers will be able to choose fund managers and schemes.
- Bill provides old age income security for government employees.
- Income security plan optional for the unorganised sector.
- Investment risk will be entirely borne by subscribers.
- Subscribers won't be exposed to risk of government default.
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