After retirement, one has to depend on either savings or pension for living. In such a situation, to ensure that people do not face any problem in getting pension or to resolve any pension related problem, the government has decided to form a forum. The government is working on a regulatory framework for this, which will also include Grievance Redressal Mechanism for redressal of complaints.
Many pension schemes will be included in the forum
An official familiar with the matter said, a common regulatory standard is needed for all so that pension related complaints can be resolved quickly. He also informed that in this initiative of the government, various pension schemes being run under the supervision of different agencies of the central government are also being considered to be included.
That’s why a unified forum is necessary
Another official said, pension coverage in our country is limited and there is a need to develop new products. Since the National Pension Scheme (NPS) is voluntary and the salary limit in the Employees’ Pension Scheme (EPS) under EPFO is Rs 15,000 per month, a large section of employees is deprived of it.
According to the report, this proposed forum needs to bring the existing pension schemes under a unified body to increase the coverage as well as simplify their implementation. Officials also informed that the government is also considering the possibilities of bringing a universal pension scheme for all. In her budget speech, Finance Minister Nirmala Sitharaman had announced the development of many more pension products as well as the formation of a forum for their better coordination.