Pension reform: CRA selection process soon

Carrying on with the pension reform programme, the finance ministry is likely to initiate the selection process of the central record keeping agency (CRA) by the end of this month or early next month. “We hope to initiate the process just after the current Parliament session,” finance ministry sources said.

Sources, however, said the finance ministry was still working out the selection process of the CRA. Earlier the Invest India Economic Foundation (IIEF) had proposed that selection of the CRA should be based on tenders. “We will take a final call on the selection process in the next few days. We want to make the process an objective one,” a source said.

Finance ministry officials said the pension reform exercise was on track, in spite of the reservation of the Left parties’ on the reform process. The Left parties are believed to have opposed the participation of the private fund managers in the new pension scheme.