Parama Sen Appointed Part-Time Member of PFRDA Board, Filling All Three Vacancies

In a recent development, Parama Sen, Additional Secretary in the Department of Expenditure at the Finance Ministry, has been appointed as a part-time member of the Pension Fund Regulatory and Development Authority (PFRDA). This appointment completes the trio of part-time members on the PFRDA board.

• Parama Sen, a 1994 batch Indian Audit and Accounts Services (IAAS) officer, assumes the role, succeeding Anne George Mathew, who vacated the position earlier this year.

• The PFRDA board consists of a chairman, three whole-time members, and three part-time members. The Member (Law) post, vacant since May last year, remains unfilled.

• Earlier appointments include Rahul Singh from the Department of Personnel and Training and Pankaj Sharma from the Department of Financial Services, both appointed in the previous year.

Robust Growth in Pension Scheme Assets

As of March 31, 2023, the total number of Central government pensioners reached approximately 68 lakh, encompassing defense pensioners. The National Pension System (NPS) and Atal Pension Yojana (APY) have exhibited a robust Compound Annual Growth Rate (CAGR) of over 20% in the last five years.

• NPS assets surpassed the ₹10-lakh-crore mark on August 25 this year, with expectations to exceed ₹11 lakh crores in the current fiscal.
• APY enrolments have surpassed 6 crore, including over 70 lakh in the current financial year. Launched by Prime Minister Narendra Modi on May 9, 2015, APY aims to provide old-age income security to the poor, underprivileged, and workers in unorganized sectors.

• APY subscribers are eligible for triple benefits, including a lifelong monthly pension ranging from ₹1,000 to ₹5,000 from the age of 60, with the actual amount depending on the contribution and joining age.

Important Questions Related to Exams

Q: Who has been appointed as a part-time member of the PFRDA board?

A: Parama Sen, Additional Secretary in the Department of Expenditure, Finance Ministry.

Q: What’s the significance of this appointment?

A: It fills the last vacant part-time member position in the PFRDA board.

Q: Who did Parama Sen replace?

A: Anne George Mathew, Additional Secretary in Finance Ministry.

Q: What’s the current composition of the PFRDA board?

A: It includes a chairman, three whole-time members, and three part-time members.

Q: Any other recent appointments in the PFRDA board?

A: Rahul Singh (Department of Personnel and Training) and Pankaj Sharma (Department of Financial Services) were appointed as part-time members last year.

Q: What is the status of the vacant post of Member (Law) in the PFRDA?

A: It remains unfilled since May last year.

Q: Any updates on pension scheme growth in India?

A: The NPS and APY assets are on course to exceed ₹11 lakh crore, with over 20% CAGR in the last five years.