Govt will form panel to improve NPS

The New Pension System (NPS) will be improved by a committee headed by the finance secretary, the government stated on Friday, in an effort to address employee concerns while keeping fiscal responsibility.
Finance Minister Nirmala Sitharaman stated that the new strategy for the NPS will be created for adoption by both the central and state governments while introducing the Finance Bill 2023 for discussion and passage in the Lok Sabha. “I suggest creating a committee under the supervision of the finance secretary to investigate the pensions issue and develop a strategy that addresses the needs of employees while maintaining fiscal restraint to safeguard common citizens,” she said. Both the federal government and local governments will be able to use the strategy, she said. The decision comes in the backdrop of several non-BJP states deciding to revert to the DA-linked Old Pension Scheme (OPS) and also employee organisations in some other states raising demand for the same.