Old pension scheme bad for India: PFRDA ex-boss Supratim Bandhyopadhyay

The former chairman of Pension Fund Regulatory and Development Authority (PFRDA), Supratim Bandhyopadhyay, said that going back to the old pension scheme is not good for the country as most of the states do not have the financial position to sustain the scheme.

“The old pension scheme is like accepting a post-dated cheque of a bank that is bound to fail,” he added at the 22nd Global Conference of Actuaries on Sunday in New Delhi.

He also said that the Supreme Court judgement on Employees Pension Scheme is very good for the employees if EPFO really implements it in the spirit of the court judgment.

Meanwhile, the position of the chairman of the PFRDA, which has been vacant for more than a month is expected to be filled before the completion of this month, people in the know told Business Standard.