News Details

( 17 Oct 2019)
FinMin gets around 45 applications for PFRDA Chairman post

The Finance Ministry has received about 45 applications for the PFRDA chairman post, which has been lying vacant since April 23 this year.

Pension Fund Regulatory and Development Authority was re-constituted into a statutory body after notification of PFRDA Act in 2014.

Some 40-45 applications have come for the post of PFRDA Chairman which have been sent to the high-level panel that will select a suitable candidate for the post, sources said.

The Financial Sector Regulatory Appointments Search Committee (FSRASC), headed by the cabinet secretary, is free to identify and recommend any other person too, who has not applied for the post, based on merit.

According to a public notice, the appointment will be for a period of five years and the person will be eligible for re-appointment provided that no chairperson will hold office after attaining the age of 65 years.

The applicant should have a minimum of two years of residual service as on last date of submission of applications.

As per the eligibility criteria, a person should have at least 25 years of work experience leading to a senior position in the organisation concerned and should have knowledge and experience of law or finance or economics.

A government servant worked as secretary or additional secretary in the central government or its equivalent level in state government for three years can apply for the job, it said.

Besides, a public sector official who worked at least one level immediately below the board level for at least three years and private sector employees at the level of CEO or CFO can apply for the position.

The pay and allowance of the new chairperson will be Rs 4.5 lakh per month without the facility of accommodation and car.

PFRDA consists of a chairperson and not more than six members, of whom at least three shall be whole-time members, to be appointed by the government.