“We are still discussing about a guaranteed annuity product as there is a provision for the same in the Act. We will definitely come out with a product under this category,A guaranteed product would have lower returns than the normal product,’’ PFRDA chief said.

“Representations have been received regarding the implementation of NPS which, inter alia, include the demand that the NPS may be scrapped and the government may re-introduce the old defined benefit pension system,” the minister added.

The committee recommended that government undertake an assessment of the pension scheme with particular reference to the right of sustenance of the pensioners and based on the result, consider revision of the amount accordingly

The policy has been hanging fire for nearly three years as it was to be presented before the Cabinet in 2015.
Among others, the policy envisages to make a provision for a minimum salary of Rs 9,000 per month, compulsory paid leave of 15 days in an year and maternity leave benefits to full-time domestic helps.

PFRDA Chairman Hemant G Contractor said that his office is considering an auto enrolment system under the National Pension System (NPS) with an element of soft compulsion, in which all the employees working in government identified sector/industries in unorganised sector would be automatically covered unless they choose to opt out. 

Gangwar further said the ETF investments have fetched a return of 20.65 per cent so far, and in the months of January and February this year, the EPFO has sold Rs 3,700 crore ETFs which earned a return of Rs 1,011 crore. 

“We demand the issuance of order from Central Government on welfare of stakeholders i.e. pensioners of the EPFO. At present more than 25 lakh pensioner are bound to live their life below poverty line. If Govt does not fulfil our demand we will announce a big protest by tomorrow evening”the Committee’s General Secretary Prakash Pathak told .