The Union Cabinet today approved a long-pending bill, which is aimed at giving statutory power to the pension regulator PFRDA, paving way for introduction of the same in the current session of Parliament.

The draft legislation is aimed at upgrading the status of the Pension Fund Regulatory and Development Authority (PFRDA), which has been functioning for the past eight years without Parliamentary approval.

"It has been approved and is likely to be introduced in the current session," a minister said after the Cabinet meeting presided over by Prime Minister Manmohan Singh.

In the absence of statutory status, PFRDA was performing the role of the interim regulator.

Finance Minister Pranab Mukherjee had sought support of the Opposition, mainly the BJP, for passage of the key pending reform bills.

PTI