PFRDA Bill deferred to Monsoon Session

One again, discussion on the Pension Fund Regulatory and Development Authority (PFRDA) Bill, slated for the Winter Session, was deferred at ...

One again, discussion on the Pension Fund Regulatory and Development Authority (PFRDA) Bill, slated for the Winter Session, was deferred at the Parliament Budget Session today.

Sources told The Indian Express that the government did not want to jeopardise the Bill’s pasage before taking the Left parties, opposing it vehemently, on board. Finance Minister P Chidambaram has had several meetings with the Left, which had a fresh list of demands: participation of only public sector fund managers, and no other investment avenue except government securities.

The Centre was waiting for the West Bengal elections to get over as irrespective of whether the Left’s position weakened or got strong, it would be easier for the UPA to get the Bill through, said the sources further. With five more years till the next Assembly elections, they may be more accommodating. The Left can publicly oppose the Bill and abstain from voting at Parliament. Thus, they can retain their face in their constituencies while allowing the Bill to pass, the sources said further.

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There’s no guarantee that the Bill will be passed in the Monsoon Session either. After Cabinet approval, the Bill will need approval of Law Ministry and President.

The new pension scheme was introduced by the NDA Government in January 2004, and 16 states signed in agreement. The Parliamentary Standing Committee on Finance had perused the original Bill after hearing views of experts, and stakeholders like trade unions. And, its recommendation for an investment option that allowed 100 per cent investment in government securities was accepted by the Finance Ministry.

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