The Finance Ministry on Thursday notified the formation of a committee to review the pension system for government employees as announced by Hon'ble Finance Minister Nirmala Sitharaman in Parliament, while moving amendments to the Finance Bill of 2023.
The committee, which will also include Secretary, Department of Personnel and Training and Special Secretary in the Department of Expenditure of the Finance Ministry, has been tasked with evolving an approach that addresses government employees’ needs while maintaining fiscal prudence to protect the common citizens, said an official order.
The terms of reference of the panel require it to deliberate over whether any changes are warranted to the NPS structure and if so, to suggest ways to improve the pensionary benefits of government employees covered by it “keeping in view the fiscal implications and impact on overall budgetary space”.
The NPS review committee has also been empowered to co-opt any officer of the Central government and devise its own mechanisms for consultations with States and other stakeholders, to arrive at its recommendations. The personnel division of the Expenditure Department will operate as the committee’s secretariat.
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