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Employee’s Pension Scheme to be revised

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:

 

1.

Additional Secretary (Labour & Employment)

Chairman

2.

Central Provident Fund Commissioner

Member

3.

Joint Secretary (Social Security) (Labour & Employment)

Member

4.

Dr. K.C. Sharma, Director, National Insurance Academy, Pune

Member

5.

Sh. Nalin Thakor, President, Social Security Research Centre, Ahmedabad

Member

6.

Sh. Bhudev Chatterjee, Actuary

Member

7.

Sh. S.P. Subhedar, Fellow of Institute of Actuaries of India, AIA (UK), Retd. M.D. of LIC of India

Member

8.

Dr. R. Kannan, Actuary, Insurance Regulatory Development Authority

Member

9.

Sh. Nirmal Ghosh, Organising Secretary, INTUC, Kolkata

Member

10.

Sh. J.P. Chowdhary, Member, Central Board of Trustees, EPF

Member

11.

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.  OR  
  • 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.

Source: Press Information Bureau 

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