New
Delhi: The
central government has said it will finalise a pension
scheme for the unorganised sector by June 2002. The scheme
will be implemented from November 2002 onwards.
The group
of ministers headed by Planning Commission deputy chairman
K C Pant held its first meeting on pension reforms on
16 April, in which Insurance Regulatory and Development
Authority (IRDA) chairman N Rangachary made a detailed
presentation on the proposed insurance scheme for unorganised
sector workers, involving a monthly contribution of Rs
100.
The IRDA chairman has
submitted a scheme for discussion. We will take a decision after
deliberations and discussions by the members. We will definitely
like to meet the June 2002 deadline set by Finance Minister
Yashwant Sinha for laying the basic roadmap in his budget speech,
Pant told newspersons after the meeting.
The IRDA chairmans
presentation focussed on the regulatory aspects of the proposed
scheme, including the requirement for all pension fund providers
to register themselves with a regulator to monitor
the sector. The providers could include asset management companies
who may offer a bouquet of schemes for the subscribers to choose
from.
There will also be strict
restrictions on investments of the pensions monies with the
regulator to decide on the pattern on investment.
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