Government Considering Common Regulatory Framework For Pension Products

The government is working on a common regulatory and supervisory framework for all retirement financing schemes, including a grievance redressal mechanism.

The proposed forum for regulatory coordination and pension product development aims to harmonise regulations and eliminate supervisory overlaps. Officials stated that the forum will examine ways to combine various pension schemes and expand coverage. A significant portion of workers remains outside pension benefits, necessitating new products. The finance minister announced the forum’s formation in the budget speech, highlighting the need for regulatory consistency and consumer protection.

The labour ministry is also discussing an umbrella pension scheme that may consolidate existing schemes like Atal Pension Yojana and PM-SYM (Pradhan Mantri Shram Yogi Maan-Dhan), making pensions accessible to a wider population.