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English Release 18-December 2014
Date Month Year
  • President's Secretariat
  • President of India congratulates ISRO for the successful launch of GSLV-MARK III
  • Prime Minister's Office
  • PM greets the citizens of Qatar on their National Day
  • Prime Minister Congratulates scientists for successful launch of GSLV Mk-III.
  • Department of Space
  • First Experimental Flight of India’s Next Generation Launch Vehicle GSLV MK-III Successful
  • Election Commission
  • Facts at a Glance: Jammu & Kashmir
  • Min for Develop. of North-East Region
  • Separate Time Zone for Ner
  • Min of Chemicals and Fertilizers
  • Government Asserts that Prices of Life Saving Drugs have been Reduced

  • Min of Coal
  • Mines under CIL
  • Steps Proposed by the Government to Reduce Such Huge Imports of Coal
  • Clean Energy Tax
  • Min of Earth Science
  • Cyclone Centres in Various Coastal States
  • Ministry of Finance
  • Amended Exchange Rate of Foreign Currency Relating to Imported and Export Goods Notified
  • Government of India Signs Agreements with Germany worth Euro 625 Million for Financial Cooperation to Support “Green Energy Corridors (GEC)” Project under Indo German Bilateral Development Cooperation
  • Min of Food Processing Industries
  • Harsimrat Badal Launches ‘Fruits and Vegetable Availability Maps of India’ Report
  • Min of Home Affairs
  • PRESS NOTE

  • Union Home Minister hopes for cancellation of bail granted to Zaki ur-Rehman Lakhvi
  • Member of U.S. House of Representatives calls on Union Home Minister
  • Min of Labour & Employment
  • Shri Bandaru Dattatreya Chairs Parliamentary Consultative Committee Meeting
  • Min of Micro,Small & Medium Enterprises
  • Use of E-Charkha and E-handloom in production of Khadi
  • Scheme for promoting the MSME sector
  • Steps taken to promote export of Khadi products
  • Loans from Khadi Board and PMEGP
  • Budget for MSME Sector
  • Min of Mines
  • Mineral Production during October 2014
  • Min of New and Renewable Energy
  • Promotion of Solar Energy
  • Renewable Energy Policy
  • Energy Deficiency Issues
  • Electricity from Paddy Husk
  • Biomass Based Power Generation
  • Min of Parliamentary Affairs
  • Shri M. Venkaiah Naidu congratulates ISRO scientists on successful launch of GSLV Mk-III
  • Min of Personnel, Public Grievances & Pensions
  • ACC Appointment
  • Views invited for proposals on Civil Services Examination
  • No reduction in retirement age
  • Officers belonging to SC/ST/OBC in All India Services
  • ACC Appointments
  • Min of Petroleum & Natural Gas
  • Video conferences for review of DBTL in Punjab & Haryana
  • Global crude oil price of Indian Basket was US$ 57.29 per bbl on 17.12.2014
  • Min of Power
  • Upgradation of Delhi’s Power Infrastructure to Begin Tomorrow
  • Components of DDUGJY
  • Energy Efficiency
  • PLF in Thermal Power Sector
  • Investment in Power Sector
  • Government sets up an Independent Government Company-POSOCO for Reforms in Power Sector
  • Ministry of Railways
  • Railway Minister Flags Off New Shatabdi Express Between New Delhi and Bhatinda
  • Min of Road Transport & Highways
  • E- rickshaws a Great Help to Poor People: Shri Nitin Gadkari
  • SUTP Expected to be Complete by November 2015
  • New Transport Application to be Launched on a Common Portal
  • Min of Shipping
  • Process Improvements in Shipping Sector
  • Min of Skill Development and Entrepreneurship
  • Skill Development Centres
  • Suitable Skills for Labour Market
  • Schemes for Women Entrepreneurs
  • Empowering Institutes for Skill Development
  • Report of National Skill Development Corporation
  • Courses for Skill Development
  • Min of Social Justice & Empowerment
  • De-Addiction Centres in Kerala
  • Higher Learning for Deaf Children in Tamil Nadu
  • Welfare Scheme for Differently Abled People
  • Research and development activities for differently-abled people
  • Reservation in Private Sector
  • Encouragement for enrolment of disabled children
  • Abuse of Elderly People
  • Min of Steel
  • Mines & Steel Minister Shri Narendra Singh Tomar Chairs Consultative Committee on Steel
  • Min of Textiles
  • Prices of Cotton
  • Setting up of Technical Training Institutions
  • Promotion of Chanderi Textile Industry
  • Trade Facilitation Centre
  • Min of Urban Development
  • Shri M.Venkaiah Naidu stresses on proper exhibition, showcasing and marketing of renowned brands of India
  • Process of regularization of unauthorized colonies in Delhi extended upto 31.03.2015
  • Swachh Bharat Mission
  • Solid waste management one of the admissible components under Swachh Bharat Mission
  • Status of extension of Metro line to NOIDA Sector 62
  • Ministry of Water Resources
  • Survey on Ground Water
  • Water Quality
  • Construction of Dams along Borders
  • Min of Women and Child Development
  • Measures by Government to protect Child Rights
  • Targeted Interventions to deal with Malnutrition
  • Community based Management Programme for Women & Children
  • Planning Commission
  • AADHAAR ecosystem has provisions to ensure data security
  • Governments’ programmes to ensure inclusive growth

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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