The findings of the latest valuation report of the pension scheme managed for Employees Provident Fund subscribers mean there would be a deficit of Rs 7,833 crore if all the 3.49 crore active subscribers come forward to claim their pension dues (there are also 8.3 crore inactive members).
NEW DELHI: After falling for two straight years, deficit in the Employees Pension Scheme rose again and reached close to the Rs 8,000 crore mark at the end of 2013-14, although it is still seen to be within manageable levels.The findings of the latest valuation report of the pension scheme managed for Employees Provident Fund subscribers mean there would be a deficit of Rs 7,833 crore if all the 3.49 crore active subscribers come forward to claim their pension dues (there are also 8.3 crore inactive members). The EPS currently has a little under 47 lakh pensioners and is unlikely that all subscribers would come forward to claim pension at the same time give the varying age profile. But, pension funds undertake an annual valuation to ensure that they have assets that cover the entire liability under the scheme.Gap between the assets and liabilities is sufficient to prompt the actuarial valuation report — which was discussed by the Pension Investment
Committee on Wednesday evening — to suggest a review in the investment norms to enhance returns and ensure that benefits are not increased without getting an expert view, sources briefed on the findings told TOI.
Committee on Wednesday evening — to suggest a review in the investment norms to enhance returns and ensure that benefits are not increased without getting an expert view, sources briefed on the findings told TOI.