Comforted by the windfall revenue from the auction of third generation spectrum and robust tax receipts,the government is mulling the option of scaling down the target from disinvestment proceeds for 2010-11.
The government may have shied away from tabling the Pension Fund Regulatory and Development Authority (PFRDA) Bill in the Winter session,but the New Pension Scheme (NPS) would see its membership base expanding significantly in 2010. Public sector general insurers,who lifted a long-standing hiring freeze in 2009,have agreed to bring their new workforce under the NPS,as […]
The finance ministry has dropped its plans to amend or replace the Fiscal Responsibility & Budgetary Management Act of 2004,which laid down fiscal and revenue deficit targets until 2008-09. The ministry has breathing space until next year before making any fresh commitments,as the government has already set medium-term targets in this years Budget. This means it will not run the risk of breaching parliamentary propriety despite the dramatic overshooting of the targets under the Act.
The New Pension Scheme has decided to break through to the vast majority of the workers in the unorganised sector,who are not financially capable of meeting the minimum investment needs to qualify for pension. The proposal would also allow approximately 400-million workers,a large percentage of which is barely literate to get free advice from a nodal group about which scheme would suit them the most. The Pension Fund Regulatory and Development Authority is planning a low-cost pension scheme that would cost the workers far less than the current annul contribution threshold of Rs 6,000.