The Union Cabinet on Tuesday approved two amendments, as agreed upon with the Bharatiya Janata Party, in the Pension Fund Regulatory and Development Authority Bill to be taken up for debate and passage in the Lok Sabha on Wednesday.
The two changes relate to an assured return to ensure an old age income security and a specific provision restricting foreign direct investment (FDI) in pension fund to 26 per cent.
While FDI has been always an administrative decision of the government of the day and never part of any legislation, the BJP
insisted on putting it in the Bill to bind the government's hands in raising the ceiling as a condition to support the financial measure that had been hanging fire for two years because of stout opposition of the Left.
Two other bills quickly cleared by the Cabinet meeting at the PM's residence before getting down to the ticklish Lokpal Bill relate to e-governance and constitution of a national higher education commission.
The pension bill is listed in the name of Finance Minister Pranab Mukherjee in the agenda papers of the Lok Sabha for Wednesday. If passed, it will be pushed by him in the Rajya Sabha on Thursday to finish off one pending task.
The two changes relate to an assured return to ensure an old age income security and a specific provision restricting foreign direct investment (FDI) in pension fund to 26 per cent.