Govt to set up pension fund for pensioners
FE Report | Friday, 5 June 2015
The government will create a Pension Fund Management Authority (PFMA) to look into the pension related activities of more than 0.5 million pensioners, the finance minister said on Thursday.
In his budget speech, Finance Minister AMA Muhith also said the government will allocate a certain amount of fund for the authority.
Besides, along with making pension payments from this fund, investment will be made in different portfolios to implement welfare programmes for the pensioners, he added.
"At present, more than 5 lakh (0.5 million) retired government employees are enjoying pension benefits. There is no designated fund or authority to oversee pension related activities of this huge number of pensioners which may create imbalance in public expenditure management in future," he said.
Earlier, the finance minister proposed formation of a separate authority for overseeing the activities of pensioners.
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