House passes Pension bill after about 10-year delay
After a delay of nearly a decade, Parliament today passed a key economic reforms legislation, the Pension Bill, that aims to create a regulator for the sector and allows at least 26 per cent FDI.
The Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011, was passed in the Rajya Sabha with 115 MPs voting in favour and 25 against including members form Left parties and TMC. The bill was passed in the Lok Sabha on 4 September. Replying to the debate in Rajya Sabha, finance minister P Chidambaram said, ‘Some of them have legitimate concerns, which we have to address. The bill has travelled for nine years. Let us give the bill the honour that it deserves and pass it.’