Central Government appointed an Expert Committee to look into the Employees Pension Scheme - ALLCGNEWS

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16 August 2010

Home PENSIONERS PF Central Government appointed an Expert Committee to look into the Employees Pension Scheme

Central Government appointed an Expert Committee to look into the Employees Pension Scheme


      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.

 

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

Source - PIB
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