Budget 2020: Govt mulls changes in PFRDA Act

Budget 2020: Govt mulls changes in PFRDA Act, to separate it from NPS Trust for govt staff

Financial Minister Nirmala Sitharaman. (PTI file photo)

Finance Minister Nirmala Sitharaman has proposed to make amendments for separation of government pension trust from the PFRDA to strengthen the pension fund regulatory body.

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"Necessary amendments would be carried out in the Pension Fund Regulatory and Development Authority Act. It will also facilitate separation of NPS Trust for government employees from PFRDA," Sitharaman said while presenting the Union Budget 2020-21 in Parliament on Saturday.

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She also said that the government will help ease in mobility while in jobs.

Read more: Budget 2020: FM Sitharaman highlights 16 points to showcase govt’s focus on farmers

"We wish to infuse into the universal pension coverage with auto-enrolment facility. Also, we wish to place such mechanism which will enable inter-operability and provide safeguards to the accumulated (pension) deposits," she said. 

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