M G Warrier February 26, 2019 Review pension system This refers to Somesh Jha’s report “Hike in minimum pension will need budgetary support: EPFO” (Business Standard, February 26). The Indian Pension System needs a comprehensive review and overhaul. Since December 2003 when GOI unilaterally and prospectively discontinued a defined payment-based pension scheme then existing for central government employees and introduced New Pension Scheme (later rechristened as National Pension System), temporarily exempting defense personnel from the changeover, the policy approach to pensions has been one of ‘hit and run’. By now, there appears to be a consensus that a pension scheme, as a social security instrument, is an essential ingredient of remuneration packages across public and private sector establishments. If that be so, there should be agreement on the following: (a) Pension component should be part of wages paid by the employer. If c