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[ml—m1] " WWW:W ‘ x 5 MINISTRYOFFINANCE (Department ofEeonomicAffairs) (ECB 8: PR DIVISION) RESOLUTION New Delhi, the 10th October, 2003 F. No. Sfll2003-ECB 8: PR.——- The Government approved on 23rd August, 2003 the proposalto implement the budget announcement of 2003—04 relating to introducing a new restructured defined contribution pension system for new entrants to Central Government service, except to Armed Forces, in the first stage, replacing the existing system of defined benefit pension system. The new systemwill also be available, on a voluntary basis, to all persons including self employed professionals and others in the unorganised sector. However, mandatory programmes under the Employee Provident Fund Organisation (EPFO) and other special provident funds would - continue to operate as per the existing system under the Employee Provident Fund and Miscellaneous Provisions Act, 1952 and other special Acts governing these funds.
Whereas the Government are satisfied that pending the enactment of a comprehensive legislation it is necessary to constitute and make operational an interim body as a precursor to the proposed statutory Authority, with which the interim body would be ultimately merged, or which it will be converted into when the latter is constituted;
Now therefore the Government of India do hereby constitute the interim Pension Fund ’ Regulatory and Development Authority (PFRDA) under the overall administrative control of the Ministry of Finance.
(i)
(ii)
(iii) The chairman of PFRDA and other Members- two full time and two part timewill be appointed as per terms and conditions given at Annex-I.
The PFRDA shall regulate and develop the pension market. PFRDA will develop its own funding stream based on user charges. Such additional functions as may be considered necessary to the interim PFRDA may be assigned to enable it to effectively regulate, promote and ensure the orderly growth of the pension market.
The interim PFRDA is to be headed by a Chairman with the status ofnot less than a Secretary to the Government of India and would be appointed by the Central Government. Other members of the interim body, not exceeding four in number, of whom not more than two shall serve full time, shall be selected by the Central Government from amongst persons having experience and knowledge in economics, finance, legal and administrative matters with one person from each "discipline. The Chairman can be from any of the above disciplines.
fiqbw. «QM V5.4 6 THEGAZETTE OFINDIA : EXTRAORDINARY [PART I~Snci l]
(iv) The Chairman of the PFRDA shall have appropriate powers to discharge the functions of the PFRDA effectively. For this purpose the PFRDA shall provide itself with suitable supporting staff and raise adequate resources.
(v) The Government will provide adequate grants for meeting the expenses incurred by the PFRDA.
(vi) Subject to the overall directions and guidelines of the Government the PFRDA shall -
(a) Deal with all matters relating to promotion and orderly growth of pension market;
(b) Propose comprehensive legislation for the purpose indicated above; and
(c) Carry out such other functions as may be delegated to the Authority for the purposes indicated in (a) and (b) above.
(vii) The PFRDA shall be free to determine its own procedures and will have powers to call for records, returns, notes, memoranda, data or any other material relevant to itsworking from official and non-official bodies and also hold discussions with them.
(viii) The PFRDA will have its headquarter in Delhi and submit periodical reports to Government on various aspects of the pension sector and on such other specific matters as may be called for by the Government froyime to time.
U. K. SINHA, It Secy.
Annex-l TERMS AND ‘CflfillelONS QF AEEQINTMENT QF QflAIRPEESQN AND B FI ERIM P' IONF NDRE LAT Y D DEVELQPMENI AU I HQRI IY (PERDA!
(a) l ENURE: The Chairman and every member shall hold office for a period of two years or till a statutory PFRDA is in place—whichever is earlier. However, Chairman and Members will be eligible for reappointment under the statutory PFRDA for a further term of three years or till they have attained the age of sixty-five years or sixty-two years respectively, whichever is earlier.
(b) ELK ilBILI! X FQR REEMPQYMENI ; Chairperson or a Member would not be eligible for reemployment under the Central Government or any body/authority substantially financed by the Central Government unless he has cooled off for a period of two years. Similarly, for two years no Chairperson or Member would be eligible to take up private employment after demitting office, in the prganizations/eonglomerates/associates that fell within the operational [ml—m1] WWW:WW 7 jurisdiction of the concerned Regulatory Authority. A ‘full time member will severe all connections fi'om the regulated entities Both full time and part time members will declare particulars of employment and shareholding1n regulated entity of the Immediate family members i.e. spouse, dependent children and parents
(c) PAY; A Government servant, ifappointed as Chairman, shall receive pay as admissible to the Secretary to the Government of India. The pay will be fixedin accordance with the prevailing order,1. e. pay minus pension etc. An official of Public Sector Undertaking (PSU), if appointed as a Chairman shall draw the last drawn pay in the PSU. A person flour a private sector, if appointed as a Chairman, shall draw the pay as decided by the Government. A government official, if selected as a Whole-time member, shall receive pay as admissible to the Additional Secretary to the Government of India An official of Public Sector Undertaking (PSU), if selected as a Whole-time member, shall draw the last drawnpayin the PSU. A person fi'om a private sector, if selected as a Whole-time member, shall draw the pay as decided by the Government. A part-time member will be entitled to a sitting fee to be decided by the Government
(d) BEESIQNL The Chairperson and Members would participate in the individual retirement account type new pension system based on defined contribution.
(e) DAMAL The Chairperson and Members shall be entitled to Deainess Allowance and City Compensatory Allowance at the rate admissible to officers of equivalent pay in the Government
(1) W: Traveling Allowance and Daily Allowance on tour shall be paid to the Chairperson and Members as applicable to Government Servants drawing that basic pay. They would also be entitled to facility of temporary Government accommodation in Guest Houses/Inspection Bungalows_under the control of the Central Government, wherever applicable, on payment of normal rent atout-stations, ofthe class to which Government Servants of equivalent pay are eligible
(g) W Official visits abroad by the Chairperson and any Member up to 15 days would be undertaken without any Government approval. However, the visits beyond 15 days in a year would be undertaken only in accordance with the Government orders as applicable to officers of equal grade in Government of India. In regard to official delegations abroad in which both .the administrative Secretary and the Chairperson or Member of the Regulatory Authority are included, the Secretary would lead the delegation. For domestic tours the ~ Chairperson would keep the Secretary of the administrative Ministry/Department informed.
(h) AQCQMMQDAIM; The Chairperson and Members of PFRDA will be entitled to hire accommodation fi'om the market within a radius of 8 Kms. from the office and the maximum cost admissible for this arrangement, would not exceed Rs.2500/- per sq. R. If a‘Government employee is appointed who has already been allotted a government accommodation, then he will i be entitled to retain the same after obtaining approvals at appropriate level.
(i) W: The Chairperson and Members would be entitled to Sumptuary Allowance as decided by the Government.
s 'IHEGAZEITE OFlNDlAzEXIRAORDINARY [Purl—SEC. r]
(j) W The Chairperson and Members shall be reimbursed the actual premium paid to purchase the domestic medical insurance cover.
(k) M51031; The Chairperson and members shall be entitled to official cars as admissible to officers in the equivalent rank.
(1) STATUS; Chairperson and Member would not be accorded Ministerial status and the previous status of the appointee shall not be treated as a precedent for determining the status accorded to the Chairperson/Member. In exceptionally meritorious cases, the Ministry of Home Affairs Would be consulted, along with full justification, which would approach the Standing Committee of Secretaries, wherever necessary, as laid down in Cabinet Sectt. Instructions No.
99/ 1/5/95—Cab, Dated November 16, 1996.
(m) LEAXE: A Chairperson or Member would be entitled to 30 days of Earned Leave for every year of Service. The payment of leave salary during leave shall be governed by Rule 40 of CCS (Leave) Rules, 1972. A person would be entitled to encashment of 50% of Earned Leave to his credit at any time. There will be no leave encashment for Chairperson and Members employed from the private sector.
4
(n)W Administrative matters relating to the operations of PFRDA or the conditions of service of the Chairperson and a Member, with respect to which no express provision has been made in these instructions, shall be referred in each case to the Central Government for its decision and the decision of the Central Government thereon shall be binding on PFRDA.
" wt of India Press, Ring Road, Mayspuri, New Delhi-1100611 e. by the Couturier of Publications, Delhi-110,034,