Revision of pension for EPF pensioners

GOVERNMENT OF INDIA

MINISTRY OF  LABOUR AND EMPLOYMENT

RAJYA SABHA

UNSTARRED QUESTION NO-1498

ANSWERED ON-18.12.2013

Revision of pension for EPF pensioners

1498 . SHRI JAI PRAKASH NARAYAN SINGH

SALIM ANSARI

(a)whether it is a fact that since last many years, the pension of Employees'' Provident Fund Scheme (EPFS) pensioners has not been revised;

(b)if so, the reasons therefor;

(c)whether Government has been receiving representations from all over the country from the affected pensioners as well as MPs and others;

(d)whether the EPF organisation has ever considered this matter; and

(e)if so, the details thereof and if not, the reasons therefor?

ANSWER

MINISTER OF STATE FOR LABOUR AND EMPLOYMENT
(SHRI KODIKUNNIL SURESH)

(a) & (b): Yes, Sir. Revision of pension under the Employees’ Pension Scheme, 1995 is effected on the basis of surplus in actuarial evaluation of the Pension Fund. There is continuous deficit in the actuarial valuation of Employees’ Pension Fund since 2001. Therefore, pension under EPS, 1995 has not been revised since 2001. 

(c) to (e): Representations have been received by the Government for revision of pension under Employees’ Pension Scheme, 1995. These were considered by the Expert Committee constituted to review the Employees’ Pension Scheme, 1995. The Report of the Expert Committee was examined by Pension Implementation Committee (PIC) which inter-alia recommended that the minimum pension be increased to Rs. 1000/- per month as an interim measure by enhancing the rate of contribution into EPS, 1995 by 0.63%. 

A proposal for providing a minimum pension of Rs.1000/- to Member Pensioners of EPS, 1995 is under consideration of the Government.

source-Rajya sabha