Applications invited for PFRDA chairperson's post

The government has started the search for the post of chairman for Pension Fund Regulatory and Development Authority (PFRDA).The post fell vacant following the resignation of Yogesh Agarwal. The tenure of the chairperson would be five years or till the selected candidate attained the age of 65, the Finance Ministry said while inviting applications for the post.

The pay and allowance of the new chairperson will be Rs 4.5 lakh a month, without the facility of accommodation and car. The last date for applying for the post is December 27. Currently, Joint Secretary in the Finance Ministry Anup Wadhawan is acting as the interim chairman of PFRDA.

Agarwal, who had one and half years more to go as the PFRDA chairman, resigned within days of his name not being included in the selection panel for shortlisting of whole-time members of PFRDA by the Finance Ministry.

The PFRDA consists of a chairperson and not more than six members, of whom at least three shall be whole-time members, to be appointed by the government.

The chairperson and every whole-time member would hold office for a term of five years and would be eligible for reappointment. The age limit for chairperson is 65 years, while for whole-time members it is 62 years.

The PFRDA was established by the government in August 2003 to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds.