Lok Sabha passes Pension Bill

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Lok Sabha
New Delhi, Sept 4:Amidst uproar over the Coalgate scam, the LOk Sabha passed the Pnesion BIll, another of UPA's projects prior to the Lok Sabha elections in 2014. Vociferous protests on missing files of Coalgate and petrol price hike had marred discussions on the Pension Bill in Lok Sabha; despite this, the government was able to convince the opposition to consider the importance of the Bill and pass it before the monsoon session concludes on September 6.

Shailendra Kumar, supported by SP, opposed the Pension Fund Regulatory and Development Authority Bill, which proposed for the development of an authority to promote old age income security by developing pension funds. Amidst this, MInisters Kamal Nath and Kapil Sibal sought the support of SP chief MUlayam Singh Yadav, which was opposed by the Left parties.

However, SP, along with Trinamool Congress, DMK and the Left parties had their own reasons to oppose it, especially on account of "social security moneys" placed in the volatile stock market and allowing FDI to manage these "hard-earned" funds. After the court adjourned at 2pm, the BIll was finally passed.

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