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The 7th Annual Valuation Report of the Employees Pension Scheme, based on sample survey data, has disclosed a projected deficit of Rs. 19,291 crore as on 31-3-2003. The deficit is mainly on account of raising of wage ceiling from Rs. 5,000 to Rs. 6000 with effect from June 2001 and declining rate of interest on investments.
Stating this in a written reply in Lok Sabha today, the Minister of Labour and Employment, Shri K. Chandrasekhar Rao said that taking certain corrective measures suggested in the Valuation Report could cover the projected deficit. These include increasing the retirement age for members from 50 years to 60 years, controlling withdrawals under the Scheme and suitably either raising the existing contribution rate of 8.33% or reducing the benefits. The Report has also suggested that any change in the Scheme benefits should always be done only after actuarial assessment. The Minister said that there might, thus, be no need for the government to provide funds to meet the projected deficit.
MLD/LK/ L-182 (25.4.)
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