Govt to reconstitute panel on restoring old pension scheme

Bengaluru, DHNS: Revenue Minister Krishna Byregowda told the Council on Thursday that the government would reconstitute the committee looking into restoring the old pension scheme by including more members to what is now a one-man committee.

Replying to a question in this regard by Marithibbe Gowda and others, the minister said, "The chief minister has directed to include more members in the committee as one additional chief secretary is not enough to look into the issue."

At present, three meetings of the committee have been held. The government will fast track the committee's work, he added.

Elaborating on the challenges, the minister said reintroduction of the old pension scheme was contingent on securing back the PF fund contribution that the government has made to the central PF account.

"Unless this money comes back, transitioning into a different system will be a challenge as people's funds will be stuck in two different systems," he explained, adding that the Centre had refused to give back funds to Rajasthan, which had made a similar proposal. However, he assured that the government was committed to finding a solution for the same.