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Will We Disprove Yes Minister With Pension Reforms?
Mint Chennai
|September 15, 2025
In Yes Minister, a TV satire on British politics, Sir Humphrey often stymied urgent reforms by setting up ‘interdepartmental committees.’
These are designed to create ‘creative inertia’ and ‘plausible denial,’ said he. The recently set up Forum for Regulatory Coordination and Development of Pension Products has the potential to prove Sir Humphrey wrong.
A little background first. Indian pension programmes are regulated by the Employees’ Provident Fund Organisation, or EPFO, and the Pension Fund Regulatory and Development Authority, or PFRDA. The EPFO’s schemes (Provident Fund, Employees’ Pension Scheme and Employees Deposit Linked Insurance Scheme) deliver a mix of lumpsum, pension and insurance while the PFRDA’s scheme (National Pension System) delivers a lumpsum and a pension. These apart, there are pension plans outside the above arrangements—defence, railways, coal-miner pension, sections of the banking industry, superannuation and gratuity trusts, and excluded provident funds. Recent entrants are gig and platform worker social security arrangements. Most of these programmes work at the intersection of multiple regulators.
A vast labour force with a vibrant capital market and superstructure of technology provides an ideal base for a pension market where individuals and employers can make choices of pension products that address their needs. Sadly, this remains a dream. Instead, flaws persist.
यह कहानी Mint Chennai के September 15, 2025 संस्करण से ली गई है।
हजारों चुनिंदा प्रीमियम कहानियों और 10,000 से अधिक पत्रिकाओं और समाचार पत्रों तक पहुंचने के लिए मैगज़्टर गोल्ड की सदस्यता लें।
क्या आप पहले से ही ग्राहक हैं? साइन इन करें
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