Pension bill in next parliamentary session: Govt

The government today said it will try for a political consensus on pension reforms to enable smooth passage of the legislation for setting up a pension regulator in the monsoon session of Parliament.

"There is no point in bringing the bill without having an understanding with stakeholders and consensus on the matter...we are committed to see the bill becoming an act...we will try to see (that the bill is brought in the
monsoon session of parliament," a key finance ministry official said.

An understanding has to be fully evolved for the smooth passage of the legislation, called Pension Fund Regulatory and Development Authority (PFRDA) Bill, in parliament for which attempts are being made, the official said.

Pension reforms are a question of political economy. "Things are happening under executive authority. It is always better to land permanence, clarity, transparency and security under the legislative mandate," the official added.

The Left parties have opposed the PFRDA Bill saying it was against the new pension system with only defined contribution and no assured returns. The Left parties members in the parliamentary standing committee had
given dissent notes on the bill even though the committee had recommended its passage with certain modifications.