New Delhi (11.04.2023): Apparently pressure is being felt by the government with General Elections 2024 coming closer by the day, the government has constituted a committee to review the National Pension System (NPS) for the government employees under the chairmanship of Dr TV Swaminathan (IAS:1987:TN), Union Finance Secretary and Secretary, Expenditure. It is an attempt to evolve an approach to address the needs of employees while maintaining fiscal prudence to protect the common citizens.

The review committee will have three members that will include Mrs S Radha Chauhan (IAS:1988:UP), Secretary, DOPT & Public Grievances and Pensions; Mrs Annie G. Mathew, Special Secretary (Pers), Department of Expenditure and Deepak Mohanty, Chairman, Pension Funds Regulatory & Development Authority (PFRDA). The terms of Reference of the Committee will be as follows:

I) Whether in the light of the existing framework and structure of the National Pension System, as applicable to government employees, any changes therein are warranted;

II If so, to suggest such measures as are appropriate to modify the same with a view to improving upon the pensionary benefits of government employees covered under the National Pension System, keeping in view the fiscal implications and impact on overall budgetary space, so that fiscal prudence is maintained to protect the common citizens.