Age Limit Under EPFO Pension
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Youarehere: ETHome News Economy Policy
Policy
ByPTI|15Feb,2015,02.47PMIST PostaComment
RetirementfundbodyEPFO'strusteesinameetingonThursdaywillconsideraproposaltoraisetheagelimitfrom58to60yearsforvestingofpensionundertheEmployees'PensionScheme(EPS95).
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AgelimitunderEPFOpensionschememayberaisedto60
NEWDELHI:RetirementfundbodyEPFO'strusteesinameetingonThursdaywillconsideraproposaltoraisetheagelimitfrom58to60yearsforvestingofpensionundertheEmployees'PensionScheme(EPS95).
Atpresent,aformalsectorworkercoveredundertheEPS95canmakecontributionstowardspensionschemetilltheageof58yearsandcanclaimpensionafterthat.
ThePensionImplementationCommittee(PIC)hasrecommendedanincreaseintheageforvestingpensionto60years,whilesuggestingthattheActuaryshouldbeaskedtodevelopamodeltogiveincentivetothosepersonswhooptfordrawingpensionattheageof60years.
Anactuaryanalysesfinancialconsequencesofriskafterstudyinguncertainfutureevents,particularlyofconcernstopensionandinsuranceplans.
Raisingtheagelimitwouldreducethedeficitinpensionfundandwouldincreasethepensionbenefitsofmembersastherewouldbetwoadditionalyearsofservice,aspertheagendalistedforthemeetingoftheEmployees'ProvidentFundOrganisation's(EPFO)apexdecisionmakingbodytheCentralBoardofTrustees(CBT).
Accordingtoareportofthevalueronthescheme,increasingtheagelimitwouldreducetheshortfallinthepensionfundtotheextendofRs27,067crore.
Thelevelofdeficitisnotamatterofconcern,thoughitisrecommendedthattheEPFOshouldlookintoinvestmentreturnsmorecarefullyanddonotincreasebenefitswithoutconsultingActuaryanddosensitivityanalysismorefrequently,thevaluerhassuggested.
AsperthetheValuerappointedbyEPFO,thenetliabilityordeficitisRs10,855croreasonMarch31,2012,Rs6,712.96croresasonMarch31,2013andRs7,832.74croresasonMarch31,2014.
Itisalsoproposedbythecommitteetoincreasetheshortservicepensionentitlementagefrom50yearsto55years.ThismeasurewouldreducetheshortfallinpensionfundtotheextentofRs12,028crores.
Atpresent,memberscanaskforfixingpensionatattainingtheageof50yearsprovidedtheyhaveservedforatleast10years.
Itisalsoproposedthatthepensionablesalaryshouldbedeterminedonthebasisof36monthsaveragewagesimmediatelyprecedingthedateofexitfromtheschemeinplaceofexisting60months.
ItmaybenotedthatthereisnobarofanykindforcontributingtowardsothersocialsecurityschemesrunbytheEmployees'ProvidentFundOrganisation(EPFO)Employees'ProvidentFundScheme1952andEmployees'DepositLinkedInsuranceScheme1976.
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