Fin Min invites applications for post of PFRDA chairperson

Fin Min invites applications for post of PFRDA chairperson

Subject :Economy

Context: The government has started the search for a successor to the chairman of the Pension Fund Regulatory and Development Authority Supratim Bandyopadhyay whose term ends in January 2023.

The PFRDA chairperson holds office for five years or till the age of 65. The chairperson is entitled to a consolidated salary of ₹4.50 lakh per month without the facility of a house and car, the finance ministry said while inviting an application for the post.

Concept :

Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies. NPS was initially notified for central government employees joining services wef 1^st Jan 2004 and subsequently adopted by almost all State Governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.