Age Limit Under EPFO Pension Scheme May Be Raised To 60
The level of deficit is not a matter of concern, though it is recommended that the EPFO should look into investment returns more carefully and do not increase benefits without consulting Actuary and do sensitivity analysis more frequently, the valuer has suggested.
As per the the Valuer appointed by EPFO, the net liability or deficit is Rs 10,855 crore as on March 31, 2012, Rs 6,712.96 crores as on March 31, 2013 and Rs 7,832.74 crores as on March 31, 2014.
It is also proposed by the committee to increase the short service pension entitlement age from 50 years to 55 years. This measure would reduce the shortfall in pension fund to the extent of Rs 12,028 crores.
At present, members can ask for fixing pension at attaining the age of 50 years provided they have served for at least 10 years.
It is also proposed that the pensionable salary should be determined on the basis of 36 months average wages immediately preceding the date of exit from the scheme in place of existing 60 months.
It may be noted that there is no bar of any kind for contributing towards other social security schemes run by the Employees' Provident Fund Organisation--Employees' Provident Fund Scheme 1952 and Employees' Deposit Linked Insurance Scheme 1976.
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