Employee’s Pension Scheme to be revised - ALLCGNEWS

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18 August 2010

Home PENSIONERS Employee’s Pension Scheme to be revised

Employee’s Pension Scheme to be revised

   The pension of persons in theorganised 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.
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