Govt forms panel to review pension system Posted on April 6, 2023 by admin [ad_1] NEW DELHI : The Indian government has formed a panel to review the country’s pension system and discuss whether changes are warranted, the finance ministry said on Thursday. Finance Minister Nirmala Sitharaman announced last month that the government would consider changes to the country’s pension system to be used by both the federal and all state governments, seeking to unify the different schemes adopted by the country’s ruling and opposition political parties. The panel will be chaired by the finance secretary, T.V. Somanathan, and the three others on the panel will be the chairman of the Pension Fund Regulatory and Development Authority, another senior official from the finance ministry and a senior official from the ministry responsible for pensions, the finance ministry said in a statement. Debate over the country’s current pension scheme adopted in 2004 has picked up after a few Indian states decided to move back to an earlier system where the pension burden falls entirely on the government with no contribution required from employees. This has been seen as a risk to government finances, prompting the federal government to initiate a review. No timeline has been specified for the panel to submit its report. Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. More Less [ad_2] Source link Post navigation More than half of Brits not interested in King Charles coronation: PollRecord wheat output of 112 mt likely in FY23: Food secretary Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment.