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PF body concerned over IRDA report

The Employees Provident Fund Organisation has expressed serious reservations on the proposed pension reforms as envisaged by Insurance Regulatory and Development Authority and the report of S A Dave committee.

"It is not feasible unless all the banks and post offices are networked and administrative costs come down," additional provident fund commissioner A Viswanathan said in New Delhi on Tuesday.

IRDA had envisaged involvement of banks and post offices as collection points, while mutual funds can manage the pension fund and life insurance companies can provide the annuities.

In a bid to bring down administrative costs and ensure faster services, EPFO plans to network all its offices by 2005.

In the first phase, six centers -- Kota, Gurgaon, Hyderabad, Patna, Mangalore and Indore, will be networked.

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