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Rediff News  All News  » Business » Survey rejects EPFO as pension regulator

Survey rejects EPFO as pension regulator

January 02, 2003 16:13 IST

A survey by the India Invest Economic Foundation has found that the respondents totally rejected the idea of Employees Provident Fund Organisation as pension regulator for the informal sector, and felt that the lack of political will and clarity stood as impediments for bringing in pension reforms.

Besides supporting a new Indian Pension Authority, the IIEF survey also found many takers for a new specialized pension fund management firm as pension fund managers as against mutual funds and insurers.

Of the over 100 respondents, with sizeable proportion of them from insurance and asset management sector, 62.5 per cent of the respondents voted for IPA (Indian Pension Authority), 29.17 per cent hailed the Insurance Regulatory and Development Authority as a suitable candidate for regulating pensions, while only 8.33 per cent voted for Securities and Exchange Board of India.

Interestingy, "zero" per cent viewed that EPFO could be best suited to perform the role of regulator for new pension system for the informal sector.

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