ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

Mukul AsherSubscribe to Mukul Asher

Civil Service Pension Reform

The existing practice of financing all retirement benefits of civil servants from current revenue is not sustainable, for it results in a considerable fiscal burden and does not provide for adequate assurance of timely payment of benefits to employees.The move to give statutory backing to a Pension Funds Regulatory and Development Authority is a welcome development and its initial priority will be to ensure that the new defined contribution pension scheme at the centre is implemented. But there is also an urgent need to extend the DC scheme to employees of state governments and public financial institutions.
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