Pension reforms expected to get a nudge

After having been stuck in limbo for four years years due to the Left's opposition, pension reforms may now be back on track with the new UPA government expected to table a Bill in this regard in the winter session of Parliament.

"It (Pension Fund Regulatory and Development Authority Bill) may be re-introduced in the Winter Session," interim pension regulator D Swarup told PTI.

However, the PFRDA Chairman said the new government has to prioritise reforms. Pension, insurance and banking reforms are there before the government, he said, adding, it is up to the government to decide whether to push them together or pursue them one by one.

The sectoral reforms could be taken up only after the Budget session, he added.

The Bill has to be drafted again as it will lapse, he said, adding that it must be approved by the Cabinet and then re-introduced in Parliament.

The PFRDA Bill was introduced by the then Finance Minister P Chidambaram in 2005 to replace the Ordinance promulgated in 2004 for setting up the regulator.