New Delhi:
The Cabinet will meet tomorrow to move amendments to the Pension Fund Regulatory Development Authority (PFRDA) Bill. According to reports, three changes are being made to PFRDA Bill.
The first amendment will reportedly allow contributor to withdraw funds from the pension scheme in case of an emergency.
Also, the subscriber will be reportedly given a minimal assured return for the investment in his fund.
The third amendment reportedly says there will be a 26 per cent cap on the Foreign Direct Investment (FDI) in the scheme. Earlier, the cap was not specified. The BJP has been demanding the FDI cap of 26 per cent to be included in the PFRDA Bill.
The pension bill or the PFRDA Bill suggests changes to how savings of nearly 25 lakh Indians are invested. Currently, these savings are invested in government securities that offer a fixed rate of return. The new bill allows pension funds flexibility on appointing a professional fund management company and lays down roles and responsibilities.
The first amendment will reportedly allow contributor to withdraw funds from the pension scheme in case of an emergency.
Also, the subscriber will be reportedly given a minimal assured return for the investment in his fund.
The third amendment reportedly says there will be a 26 per cent cap on the Foreign Direct Investment (FDI) in the scheme. Earlier, the cap was not specified. The BJP has been demanding the FDI cap of 26 per cent to be included in the PFRDA Bill.
The pension bill or the PFRDA Bill suggests changes to how savings of nearly 25 lakh Indians are invested. Currently, these savings are invested in government securities that offer a fixed rate of return. The new bill allows pension funds flexibility on appointing a professional fund management company and lays down roles and responsibilities.
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