Cabinet defers Pension Bill due to differences

The Union Cabinet on Thursday deferred the the long-awaited and crucial Pension Bill. Sources said that the Trinamool Congress (TMC) did not oppose the bill bt chose not to speak when the bill was discussed in the meeting.

The Centre had planned a 26% cap on FDI in the pension sector.

The Pension Fund Regulatory and Development Authority (PFRDA) Bill, which has been pending for several years, seeks to open the pension sector to private sector and foreign investment.

TMC, a key ally of the UPA, has been opposing the reforms in the pension sector saying it is against the interest of common man.

The assured return clause, sources said, would be introduced with certain conditions with a view to protect the interest of policy holders.