The three-day national conference of state bank of travancore staff union which held on Monday, in a resolution urged the Union government to withdraw the Provident Fund Regulation and Development Authority (PFRDA) Bill-2011 for participatory pension scheme to government employees.
Under the new Bill, the government employees would have to join the participatory pension scheme as against the existing pension scheme based on basic salary and Dearness Allowance (DA).
(a) establishing a statutory regulatory body to be called the Pension Fund Regulatory and Development Authority which will undertake promotional, developmental and regulatory functions in respect of pension funds;
(c) empowering the PFRDA to perform promotional, developmental and regulatory functions relating to pension funds (including authorizing and regulating intermediaries) through regulations or guidelines, prescribing the disclosure standards, protecting the interests of subscribers to schemes of pension funds;
(d) authorizing the PFRDA to levy fees for services rendered, etc., to meet its expenses;
(e) empowering the PFRDA to impose penalties for any violation of the provisions of the legislation, rules, regulations, etc.
Originally, the Bill was prepared by the National Democratic Alliance (NDA) government, led by the Bharatiya Janata Party (BJP), in 2005. But it was brought by the United Progressive Alliance (UPA) government led by the Congress in 2007. It could not be presented in Parliament as it was opposed by the Left parties on whose support the UPA government then survived. But now the Bill is brought by the UPA government with the support of the BJP.