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Thursday, March 12, 2015

Age limit for pension under EPS 95

Age limit for pension under EPS 95


GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
RAJYA SABHA

UNSTARRED QUESTION NO-1532

ANSWERED ON-11.03.2015

Age limit for pension under EPS 95

1532 . Dr. K.P. Ramalingam

(a)whether it is a fact that as per the valuer appointed by the Employees” Provident Fund Organisation (EPFO), the net liability or deficit was Rs. 10,855 crore as on March 31, 2012, Rs. 6712.96 crores as on March 31, 2013 and Rs. 7832.74 crores as on March 31, 2014;


(b)whether it is also a fact that raising the age limit for pension under EPS 95 would reduce the deficit in pension fund and increase the pension benefits for members;

(c)whether it is also a fact that increasing the age limit would reduce the shortfall in the pension fund to the extent of Rs. 27,067 crore; and

(d)if so, the details thereof?

ANSWER

MINISTER OF STATE(IC) FOR LABOUR AND EMPLOYMENT
(SHRI BANDARU DATTATREYA)

(a): Yes, Sir.

(b) to (d): The reduction in deficit of the pension fund to the extent of Rs.27,067 crore on account of increase in age limit for pension under Employees’ Pension Fund, 1995 was estimated by the Actuary for the Expert Committee on Employees’ Pension Scheme, 1995 which was appointed by the Government in 2009. The estimation of the reduction in deficit by the Actuary, which was done in 2010, was based on data and conditions existing as on that date.

If the member continues to contribute during the period of enhanced age limit, the pension amount would increase proportionately.

Source: http://rajyasabha.nic.in/

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