The first Pension Conclave was organised by the Pension Fund Regulatory and Development Authority (PFRDA) in New Delhi. On this occasion, the new user-friendly and informative website of PFRDA was launched by Union Finance Minister ArunJaitely. The minister also released the First Annual Report of PFRDA after notification of the PFRDA Act.
In his address on this occasion, Jaitley highlighted the important aspects and implications of pension reforms, a key area of financial sector and economic reforms in the country. Stating that consensus on such issues as pension across the political spectrum is not easy, he noted that PFRDA legislation has gone through a process of guided development and well considered issues and adequate sensitisation.
As life expectancy is increasing post-active working life, one needs social security to take care of the old age needs of the vast segments of the population, including those in the unorganised sector.
Considering that pension pay-outs, particularly unfunded and uncertain, are to be borne by the public Exchequer, pension reforms will mitigate this burden releasing resources forbetter deployment and utilisation in other social sectors. The FM highlighted the need to build up a corpus of funded resources to eventually act as the source for pension pay outs in future and also as a source for financing critical sectors like infrastructure and the capital market.
Highlighting the importance of the NPS Swavalamban Scheme for the unorganised sector, Jaitley said that this segment requires special support. He urged PFRDA to vigorously promote the scheme across the country.
In his address on this occasion, Jaitley highlighted the important aspects and implications of pension reforms, a key area of financial sector and economic reforms in the country. Stating that consensus on such issues as pension across the political spectrum is not easy, he noted that PFRDA legislation has gone through a process of guided development and well considered issues and adequate sensitisation.
As life expectancy is increasing post-active working life, one needs social security to take care of the old age needs of the vast segments of the population, including those in the unorganised sector.
Considering that pension pay-outs, particularly unfunded and uncertain, are to be borne by the public Exchequer, pension reforms will mitigate this burden releasing resources forbetter deployment and utilisation in other social sectors. The FM highlighted the need to build up a corpus of funded resources to eventually act as the source for pension pay outs in future and also as a source for financing critical sectors like infrastructure and the capital market.
Highlighting the importance of the NPS Swavalamban Scheme for the unorganised sector, Jaitley said that this segment requires special support. He urged PFRDA to vigorously promote the scheme across the country.