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Monday, August 16, 2010

Govt. considering increase of Employees’ Pension Scheme, 1995

 The pension of persons in the organised sector under the Employees’ Pension Scheme, 1995 was last increased with effect from 1st April, 2000.  Thereafter, there is no revision in pension benefit. After 1st April, 2000, annual valuations of the Employees’ Pension Fund have not revealed actuarial surplus, therefore no relief could be granted by the Central Government after the year 2000......

            The Central Government appointed an Expert Committee under the Chairmanship of Additional Secretary (Labour & Employment) to look into the Employees’ Pension Scheme, 1995 in June, 2009 to give expert views on the Scheme.  The composition of the Committee is given below:

Additional Secretary (Labour & Employment)
Central Provident Fund Commissioner
Joint Secretary (Social Security) (Labour & Employment)
Dr. K.C. Sharma, Director, National Insurance Academy, Pune
Sh. Nalin Thakor, President, Social Security Research Centre,Ahmedabad
Sh. Bhudev Chatterjee, Actuary
Sh. S.P. Subhedar, Fellow of Institute of Actuaries of India, AIA (UK), Retd. M.D. of LIC of India
Dr. R. Kannan, Actuary, Insurance Regulatory Development Authority
Sh. Nirmal GhoshOrganising Secretary, INTUC, Kolkata
Sh. J.P. Chowdhary, Member, Central Board of Trustees, EPF
Additional Central Provident Fund Commissioner (Pension)
Member Secretary

            The Committee submitted its report to the Central Government on 5th August, 2010.
            The Committee has recommended either of the two options below:
            Introduction of a Provident Fund-cum-Pension Annuity Scheme.
            Modifications in the existing Employee’s Pension Scheme, 1995
At present, the recommendations of the Expert Committee are under examination of the Central Government for taking further steps.

            The Union Minister of Labour and Employment Shri Mallikarjun Kharge  gave this information in reply to a question in the Lok Sabha today.

Source : PTI

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