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The central government has recently announced the formation of a committee to review the National Pension System for government employees. This news has brought great joy to all government employees across the country. For the past decade, various Central and State government employee unions and federations have been demanding a review of the system, and their voices have finally been heard.
Review NPS by 4 Member Committee
The Finance Ministry has recently formed a committee to review the pension system for government employees under the National Pension System (NPS). The committee, led by Finance Secretary T.V. Somanathan, will be responsible for developing an approach that caters to the needs of employees while ensuring fiscal prudence to protect the common citizens. However, there is no specified deadline for the panel. The Finance Minister, Nirmala Sitharaman, stated that the approach developed by the committee would apply to both the Centre and the States. The government has announced the formation of a four-member committee to review the National Pension Scheme (NPS) and suggest any necessary changes while keeping in mind the interest of government employees.
NPS Committee 2023
A committee has been set up to review the pension system for government employees, chaired by the Finance Secretary and Secretary (Expenditure), with other members from relevant departments. The committee will consider whether any changes to the National Pension System framework are necessary and make appropriate suggestions while maintaining fiscal prudence. The committee will also have the flexibility to co-opt additional members and devise its own procedure for arriving at recommendations.
No.1(4)/E-V/2023
Government of India
Ministry of Finance
Department of Expenditure
North Block, New Delhi,
6th April, 2023
OFFICE MEMORANDUM
Subject: Setting up of a Committee to review the Pension System for Government Employees.
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.
2. Accordingly, it has been decided to set up a Committee as under:
i) Finance Secretary & Secretary (Expenditure) – Chairman
ii) Secretary, Department of Personnel & Training Ministry of Personnel, Public Grievances & Pensions – Member
iii) Special Secretary (Pers), Department of Expenditure Ministry of Finance – Member
iv) Chairman, Pension Fund Regulatory & Development Authority (PFRDA) – Member
3. The Terms of Reference of the Committee shall be as under:
i) Whether in the light of the existing framework and structure of the National Pension System, as applicable to Government employees, any changes therein are warranted;
ii) If so, to suggest such measures as are appropriate to modify the same with a view to improving upon the pensionary benefits of Government employees covered under the National Pension System, keeping in view the fiscal implications and impact on overall budgetary space, so that fiscal prudence is maintained to protect the common citizens.
4. The Committee may also co-opt any officer of the Central Government as part of its deliberations, whenever such a need is felt by the Committee.
5. The Committee shall devise its own procedure and mechanism, including consultation with States etc., to arrive at its recommendations.
6. Department of Expenditure (Personnel Division) will provide Secretarial assistance to the Committee.
(Annie G. Mathew)
Special Secretary to the Government of India
Click to view the order in PDF
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What is the purpose of setting up a committee to review the National Pension System for government employees?
The committee is being set up to conduct a comprehensive review of the National Pension System (NPS) for government employees. Its primary objective is to assess the effectiveness of the current system and propose recommendations for potential improvements.
Who is responsible for setting up this committee?
The responsibility of setting up the committee lies with the relevant government department or ministry overseeing the NPS for government employees.
Who will be a part of the committee?
The committee will comprise a group of experts and stakeholders, including representatives from the government, pensioners’ associations, finance experts, and other relevant professionals.
What will the committee's review process involve?
The committee will conduct a thorough examination of the existing NPS framework, its policies, regulations, and operational procedures. It will also analyze feedback received from government employees and pensioners to identify any shortcomings or areas in need of improvement.
What will be the expected outcome of the committee's review?
Based on their findings and analysis, the committee will prepare a comprehensive report highlighting their recommendations for enhancing the National Pension System for government employees. These recommendations will focus on ensuring a sustainable and efficient pension scheme that meets the needs and expectations of the beneficiaries.
How long will the committee take to complete its review?
The timeline for the committee’s review process may vary depending on the complexity of the issues involved. However, it is generally expected to be completed within a specified timeframe, which will be determined by the government department or ministry responsible for overseeing the committee’s work.
Will the public have a chance to provide inputs during the review process?
Yes, the committee will seek inputs from various stakeholders, including government employees and pensioners, through surveys, public consultations, and other means. This will help ensure that a diverse range of perspectives and concerns are taken into consideration during the review.
Will the committee's recommendations be implemented immediately after the review?
The committee’s recommendations will be presented to the relevant authorities for consideration. The final decision on implementing the proposed changes will be made by the government, taking into account various factors such as financial feasibility, legal considerations, and the overall impact on government employees and pensioners.
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