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English Release 26-November 2014
Date Month Year
  • President's Secretariat
  • Quality-oriented education can transform India into one of the leading nations of the world, says President
  • Speech by the President of India, Shri Pranab Mukherjee at the Eleventh Convocation of Symbiosis International University
  • Deepen private sector involvement in education, says President
  • President of India condoles the passing away of Sitara Devi
  • Prime Minister's Office
  • PM's bilateral engagements on the sidelines of the SAARC Summit
  • Speech by the Prime Minister at the SAARC Summit
  • 26/11: PM salutes the bravery of security personnel who laid down their lives and reaffirms commitment to combat terrorism
  • Department of Space
  • Commercial Application of Space Technology
  • Achievements in Space Science
  • Min for Develop. of North-East Region
  • Balance of Trade in North-Eastern Region
  • Min of Commerce & Industry
  • Implementation of National Design Polic
  • Extension Of Validity Of Industrial Licences By DIP
  • Steps Taken To Improve Position In Business Index
  • Schemes for Promotion and Modernization Of Industrial Unit
  • Implementation of National Manufacturing Polic
  • Push To Manufacturing Sector
  • Doubling India's Share in Global Trade
  • Boosting Industrial Production
  • Signing Of FTAs
  • New Foreign Trade Policy to address slowdown concerns of exporters: Commerce Secretary
  • Min of Earth Science
  • Forecasting of Natural Calamities
  • Global Warming
  • Min of Health and Family Welfare
  • ‘Delhi Declaration’ at closing of PPD International Conference focuses on Youth to harness Demographic Dividend
  • Min of Home Affairs
  • West Bengal Protection of Interest of Depositors in Financial Establishment Bill for Presidential Assent
  • Releasing of Undertrials who have Served Half of Maximum Sentence
  • NSG HUBS
  • Identifying Citizens While Preparing NPR
  • Hoisting of National Flag Permanently in Connaught Place, Delhi
  • Floods in Jammu and Kashmir
  • Crimes Against Women and Children in Delhi and NCR
  • Rise in Overstay of Pakistani Nationals
  • No Output on ISIS trying to Gain Ground in Kashmir
  • Decline in Terrorism and Infiltration
  • Compensation to Victims of 1984 Anti-Sikh Riots
  • No Cap for receiving contribution under FCRA
  • Min of Human Resource Development
  • Improving Learning Outcome in the Country
  • Gender Sensitization on Campuses Across the Country
  • Providing Quality Literacy to All
  • Re-Structuring of UGC
  • Min of Information & Broadcasting
  • IDPA signs a 5-year contract with DD National to showcase documentary films from across the country
  • Directorial debut ‘ Ek Hazarachi Note’ enters competition category of IFFI, 2014
  • Role of Changing Technology in Cinema: A Discussion
  • Songs of the Bards of Bengal: The Bauls and Fakirs: An Attempt to Preserve the Tradition
  • Bodhon: An Experiment to Define Motherhood
  • Justice C.K.Prasad, Retd. Judge of the Supreme Court of India appointed as Chairman Press Council of India
  • Rituals can create an ‘Experiential sphere’ different from conventional audio-visual theatre says the award winning Sinhalese director IndikaFerdinando
  • Candles in the Wind: Struggle of Women
  • Film is a tool of Social Reform: Sabyasachi Mohapatra
  • Min of Micro,Small & Medium Enterprises
  • KVIC Exhibitions Outside India
  • Investment in MSME Run by Small Entrepreneurs
  • Cooperation with Cote D’ivoire in Sme Sector
  • Khadi Gramodyog
  • Min of Mines
  • Study for Exploration of Rare Earth Element
  • Mines and Minerals (Development and Regulation) Bill
  • Min of New and Renewable Energy
  • Balance of Trade in North-Eastern Region
  • Min of Overseas Indian Affairs
  • Rehabilitation Package for Migrant Indians
  • Emigration Fee
  • Min of Personnel, Public Grievances & Pensions
  • Public Grievance
  • Procedure for Communication
  • Representation of OBC/SC/ST in Higher Officer
  • Amending Rules for Safeguarding Women
  • Appointment of SPG Director
  • Min of Petroleum & Natural Gas
  • Increasing CNG Filling Stations in Delhi
  • Setting Up of Refinery in Rajasthan
  • LPG Connections in Rural Areas
  • Digitization of Files and Data
  • Global crude oil price of Indian Basket was US$ 76.91 per bbl on 25.11.2014
  • Ministry of Railways
  • Railways to Run Six Special Trains to Clear Extra Rush for Mahaparinibban Divas
  • Min of Science & Technology
  • Academy of Scientific and Innovative Research
  • Extension in Retirement Age of Scientists
  • Environment Friendly Technologies
  • Min of Shipping
  • Workshop on Integrated National Waterways Transportation Grid Inaugurated
  • New Mechanism of Collection of Light Dues for Container Ships
  • Min of Social Justice & Empowerment
  • Development of Persons with Disabilities
  • Benefits to Disabled
  • Development of Persons with Disabilities
  • Ramp Facility for Physically Challenged
  • Data on Mentally Retarded Persons
  • Min of Steel
  • Measures to Increase Steel Production
  • Mines Allotted to KIOCL in Karnataka
  • Min of Tribal Affairs
  • Jual Oram inaugurates Tribal Art and Crafts Mela Aadishilp
  • Min of Urban Development
  • Shri M.Venkaiah Naidu approves enhancement of Ground Coverage and FAR in Delhi
  • DMRC’s Revenues Exceed Budget Targets
  • Ministry of Water Resources
  • Uma Bharti will Review the Working of her Ministry on Weekly Basis
  • Min of Skill Development, Entrepreneurship, Youth Affairs and Sports
  • Text of Speech of Sarbanand Sonowal
  • Boxer Sarita Devi issue Discussed
  • Sarbananda Sonowal confers Arjuna Award 2014 to Boxer Manoj Kumar

Previous Date

 
Prime Minister's Office22-January, 2007 12:46 IST
Prime Minister addresses CMs Conference on Pension Reforms
Referring to a number of infirmities in the present pension system, the Prime Minister, Dr. Manmohan Singh emphasized that there is a lot to be gained by moving forward and allowing a multiplicity of pension products delivered by a variety of agencies to be offered to our people.

Addressing the Chief Ministers’ Conference on Pension Reforms, here today, Dr. Singh pointed out that we do not, however, yet have a comprehensive social safety net focusing on old age income security covering the bulk of our population. “One major objective of the PFRDA Bill is to put in place the architecture and the delivery mechanism for pension schemes of these kinds”, he said. The suggestion that is being considered is that, pending a resolution of all issues related to the PFRDA Bill, these accumulated funds may be allowed to be invested in accordance with the investment pattern prescribed for non-government Provident Funds, the Prime Minister added.

Dr. Singh stressed the need for better management of pension liabilities so that state finances can be managed in a healthy, sustainable way in future by pointing out that the rising pension bills at all levels of Government would be increasingly difficult to finance in future, given the other demands that are there on our resources, particularly for enhancing our expenditures on essential social sectors such as health, education and rural development.

Shri Pranab Mukherjee, Minister of External Affairs, Shri A.K. Antony, Minister of Defence, Shri Shivraj Patil, Minister of Home Affairs, Shri Oscar Fernandes, Minister of Labour, Chief Ministers of several States and Finance Ministers of States were present on the occasion.

Following is the text of the Prime Minister’s address on the occasion:

“I am happy to be here at this conference on pension related issues. The Finance Minister has given us all the background for convening this conference and the purpose that we hope it will serve. I look forward to hearing the views of the Chief Ministers and Finance Ministers of States on these vital issues.

The Finance Minister has dwelt at length on the fiscal implications of the existing pension system for government employees. The rising pension bills at all levels of government would be increasingly difficult to finance in future, given the other demands that are there on our resources, particularly for enhancing our expenditures on essential social sectors such as health, education and rural development. Even in the states, all of you must be faced with the rising cost of pension liabilities which compete for your limited resources. All of you have large expenditure obligations to meet for ensuring the rapid development of your states. Therefore, we need better management of our pension liabilities so that state finances can be managed in a healthy, sustainable way in future. This is a very important basis for the changes in the pension system.

The other important reason for calling this meeting is that since 2004, the New Pension System is already in place for all freshly recruited Central Government employees and for employees in many state governments. In the last 3 years, the contributions of these new employees have accumulated in the Public Account. These get a fixed annual return of 8% only. The suggestion that is being considered is that, pending a resolution of all issues related to the PFRDA Bill, these accumulated funds may be allowed to be invested in accordance with the investment pattern prescribed for non-government Provident Funds. The pattern permitted for them has been circulated and will fetch a return superior to that given by the government at present without compromising the safety factor.

I would however, like to draw your attention to another equally important dimension of pension reforms, namely, the availability of pension instruments and schemes for the common man at large. India will face huge challenges in future due to the level and speed of ageing of the population. The life expectancy at age 60, which is around 16 years at present, is expected to rise rapidly, requiring longer periods of retirement support for the elderly. This becomes particularly acute for the unorganized sector, which is by far the major employer of our labour force. This large labour force functions without any options for their old age. At present, only 11% of the workforce is covered under some form of pension schemes. Within the organized sector, the coverage is accounted for largely by government employees. Therefore, workers in the unorganized sector, constituting 90% of the workforce, need a comprehensive pension system which they can subscribe to.

Government of India has a number of schemes to address problems of deprivation when people are of working age. Our Government has launched a National Rural Employment Guarantee Programme (NREGP) which we have implemented initially in 200 districts and plan to expand to cover all districts. The NREGP aims to provide a social safety net by guaranteeing employment in rural areas. This social safety net is available as long as the worker is in the productive age group.

There are other programmes and policies that have elements of the social safety net such as the Targeted Public Distribution System, the Indira Awaas Yojana, the National Rural Health Mission and various types of crop and livestock insurance. We do not, however, yet have a comprehensive social safety net focusing on old age income security covering the bulk of our population.

One major objective of the PFRDA Bill is to put in place the architecture and the delivery mechanism for pension schemes of these kinds. It is my belief that there is a lot to be gained by moving forward and allowing a multiplicity of pension products delivered by a variety of agencies to be offered to our people.

India is on the cusp of its demographic evolution and will miss out on a wonderful opportunity to put in place the social safety nets which an ageing population will soon demand. We should therefore collectively address this important issue, so that we can grasp this opportunity before it becomes an insurmountable problem.”

******

YSR/DS/LV
(Release ID :24234)

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