Home India Ministry of Finance Notification of Pension Fund Regulatory and Development Auth...
Date: 08-Jul-2024 Category: Extra Ordinary State: Union Government Country: India

Notification of Pension Fund Regulatory and Development Authority Salary and Allowances payable to and other terms and conditions of service of Chairperson and Whole Time Members Amendment Rules, 2024.

Issued by Ministry of Finance · Department of Financial Services

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Executive Summary & Key Takeaways

Gazette Notification Description

  • This gazette notification, issued by the Ministry of Finance (Department of Financial Services), India, on July 8, 2024, amends the Pension Fund Regulatory and Development Authority (PFRDA) (Salary and Allowances Payable to, and Other Terms and Conditions of Service of, Chairperson and Whole-time Members) Rules, 2014.

Key Changes

  • The amendment increases the salary of the Chairperson and Whole-time Members of PFRDA.
  • Specifically, sub-rule (1) of Rule 5 is amended to increase the salary from "four lakh and fifty thousand rupees" to "five lakh sixty-two thousand and five hundred rupees".
  • Sub-rule (2) of Rule 5 is amended to increase the salary from "four lakh rupees" to "five lakh rupees".
  • These salary increases are effective from January 1, 2024.

Impact Analysis

Impact on PFRDA Chairperson and Whole-time Members

  • Improved financial well-being: The salary increase enhances their financial standing and may attract higher-quality candidates to these positions.

Impact on PFRDA Operations

  • Potential for improved governance: Attracting more qualified individuals through higher compensation could lead to better governance and decision-making within PFRDA.

Impact on the Government

  • Potential for improved regulatory oversight: Higher salaries may attract more experienced and capable individuals, potentially leading to more effective regulation of the pension sector.

Suggested Action Items

  • Transparency regarding the rationale behind the specific salary increases should be maintained.

Key Entities Referenced

Ministry of Finance (Department of Financial Services): The issuing authority of the gazette notification. Responsible for overseeing financial matters in India. Pension Fund Regulatory and Development Authority (PFRDA): The regulatory body for pension funds in India. The amendment directly affects the compensation of its Chairperson and Whole-time Members. Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013): The primary legislation under which the PFRDA operates. The amendment is made under the powers conferred by this Act. Pension Fund Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of, Chairperson and Whole-time Members) Rules, 2014: The rules that are amended by this notification. These rules govern the compensation and other terms of service for the Chairperson and Whole-time Members of PFRDA.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-08072024-255268 xxxGIDHxxx CG-DLxx-xEG-I0D8E0x7x2x0 24-255268 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 349] नई दिल्ली, सोमिार , िुलाई 8, 2024/आषाढ 17, 1946 No. 349] NEW DELHI, MONDAY, JULY 8, 2024/ASHADHA 17, 1946 जित्त मत्रं ालय (जित्तीय सेिाएं जिभाग) अजधसचू ना नई दिल् ली, 8 िुलाई, 2024 सा.का.जन. 372(अ).—केंद्रीय सरकार, पेंिन जनजध जिजनयामक और जिकास प्राजधकरण अजधजनयम, 2013 (2013 का 23) की धारा 5 की उप-धारा (3) के साथ पठित धारा 51 की उप-धारा (2) के खंड (क) द्वारा प्रित्त िजियों का प्रयोग करते हुए, एतद्द्वारा, पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (अध् यक्ष और पूणणककाजलक सिस्ट् यों को संिेय िेतन और भत् त े तथा सेिा के अ‍ य जनंंधन और िततें)) जनयम, 2014 में संिोधन करन े के जलए जनम्न जलजखत जनयम ंनाती ह,ै अथाणकत: - 1. (1) इन जनयमों को पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (अध् यक्ष और पणू णककाजलक सिस्ट् यों को संिेय िेतन और भत् ते तथा सेिा के अ‍ य जनंंधन और िततें)) संिोधन जनयम, 2024 कहा िाएगा। (2) ये जनयम रािपत्र म ेंप्रकािन की तारीख से प्रिृत्त होंगे। 2. पेंिन जनजध जिजनयामक और जिकास प्राजधकरण (अध् यक्ष और पूणणककाजलक सिस्ट् यों को संिेय िेतन और भत् ते तथा सेिा के अ‍ य जनंधं न और िततें)) जनयम, 2014 के जनयम 5 के, 4081 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] (i) उप-जनयम (1) में “चार लाख और पचास हिार रुपए” िब्िों को “पांच लाख ंासि हिार और पांच सौ रुपए” िब्िों से प्रजतस्ट्थाजपत दकया िाएगा, (ii) उप-जनयम (2) में “चार लाख रुपए” िब्िों को “पांच लाख रुपए” िब्िों से प्रजतस्ट्थाजपत दकया िाएगा: पर‍त ुदक अध्यक्ष और पणू णककाजलक सिस्ट्य इस जनयम के अधीन िनिरी 2024 के पहले दिन से िेतन प्राप्त करेंगे। [फा.सं. 11/5/2014-पीआर] पंकि िमा,णक संयुि सजचि ठिप्प णी : मूल जनयम को भारत के रािपत्र, असाधारण, भाग II, खंड 3, उप-खंड (i) में 20 अगस्ट् त, 2014 की अजधसूचना संख् या सा.का.जन. 597(अ) के द्वारा प्रकाजित दकया गया था और तत्पश्चात 2 अगस्ट् त, 2017 की अजधसूचना संख् या सा.का.जन. 987(अ), 2 िनिरी, 2018 की अजधसूचना संख्या सा.का.जन.07(अ), 11 अिूंर, 2021 की अजधसूचना संख्या सा.का.जन.731(अ) और 22 माच,णक 2023 की अजधसूचना संख्या सा.का.जन. 209(अ) के द्वारा संिोजधत दकया गया था। MINISTRY OF FINANCE (Department of Financial Services) NOTIFICATION New Delhi, the 8th July, 2024 G.S.R. 372(E).—In exercise of the powers conferred by clause (a) of sub-section (2) of section 51 read with sub-section (3) of section 5 of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Central Government hereby makes the following rules further to amend the Pension Fund Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of, Chairperson and Whole-time Members) Rules, 2014, namely:- 1. (1) These rules may be called the Pension Fund Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of, Chairperson and Whole-time Members) Amendment Rules, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Pension Fund Regulatory and Development Authority (Salary and Allowances Payable to, and Other Terms and Conditions of Service of, Chairperson and Whole-time Members) Rules, 2014, in rule 5- (i) in sub-rule (1), for the words “four lakh and fifty thousand rupees”, the words “five lakh sixty-two thousand and five hundred rupees” shall be substituted; (ii) in sub-rule (2), for the words “four lakh rupees”, the words “five lakh rupees” shall be substituted: Provided that the Chairperson and Whole-time member shall be entitled to a salary under this rule with effect from the 1st day of January, 2024. [F.No. 11/5/2014-PR] PANKAJ SHARMA, Jt. Secy. Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide notification number G.S.R. 597 (E), dated the 20th August, 2014, and subsequently amended vide notification numbers G.S.R. 987 (E,) the dated 2nd August, 2017, G.S.R. 07 (E), the dated 2nd January, 2018, G.S.R. 731 (E), the dated 11th October, 2021 and G.S.R. 209 (E), the dated 22nd March, 2023. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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