Centre introduces fresh Pension Fund Regulatory and Development Authority (Employees' Service) Regulations

The Centre has introduced fresh Pension Fund Regulatory and Development Authority (Employees' Service) Regulations in the country seeking different modes of recruitment and proportion of posts.

The fresh regulation is called the Pension Fund Regulatory and Development Authority (Employces' Service) (Amendment) Regulations, 2022.

It came into effect on Wednesday after the central government issued a gazette notification by amending the Pension Fund Regulatory and Development Authority (Employees' Service) (Amendment) Regulations, 2015 by exercising the powers "conferred by subsection (2) of section 11 read with sub-clause (b) of subsection (2) of section 52 of the Pension Fund Regulatory and Development Authority Act, 2013 (Act no 23 of 2013)".

Four earlier amendments were done to the Pension Fund Regulatory and Development Authority (Employces' Service) (Amendment) Regulations, 2015. The first was done in 2015, the second in 2020, and two in 2021.

As per the amendment, the mode of recruitment and the proportion of posts are to be filled up through different modes and it will impact promotion, the deputation from government regulatory bodies, Reserve Bank of India, banks, financial institutions and academic institutions direct recruitment.

On a contract basis, two-thirds of the total posts are to be filled by internal candidates and one-third of posts are to be filled by deputation, direct recruitment and contract, mentioned the notification.

"In case of non-availability in any category, it says, internal and deputation or direct recruitment contract, the post may be filled from other categories."

In the schedule "under clause (b) of sub-regulation 4 of Regulation 6, in column 3, row 3 [under heading Age, Qualification and Experience for Direct recruits] for Grade D, E and F", the Notification said graduation needed from a recognized university and fellow of the Institute of Actuaries of India (IAI) for officers in the Actuarial Stream.

Under experience, it said, after the words "considered useful to the Authority, "a minimum of 11, 14, 17 years of post-qualification experience is needed in the officer cadre, five years as a Fellow of the Institute of Actuaries of India (IAI) for officers in the Actuarial Stream."

( With inputs from ANI )