Union labour ministry to assess long term viability of Employees Pension Scheme

Earlier, the labour ministry had conducted actuarial valuation of EPS for fiscal ended March 2014.

PTI
New Delhi, Publish Date: Apr 23 2018 12:38AM | Updated Date: Apr 23 2018 12:38AM
Union labour ministry to assess long term viability of Employees Pension SchemeRepresentational Pic

The Union Labour Ministry looks to appoint an actuary to assess if the Employees' Pension Scheme (EPS) is sustainable over a long term.

The EPS, 1995 is one of the three schemes meant for old-age social security of employees run by the Employees' Provident Fund Organisation (EPFO). The other two schemes are Employees' Provident Fund Scheme, 1952 and Employees' Deposit Linked Insurance Scheme, 1976.

 Earlier, the labour ministry had conducted actuarial valuation of EPS for fiscal ended March 2014.

"It is now required to assess the long-term financial viability of EPS'95 by conducting the annual valuation of Employees' Pension Fund as at March 31, 2016 and March 31, 2017 for which expression of interest is called for," Labour Ministry said in its request for proposal for the appointment of valuer for actuarial valuation of EPS, 1995 of EPFO.

The actuary will have to submit a report on the longtime financial sustainability of EPS'95, it said.

"It may be ascertained if the contribution rate of 9.49 per cent under the given asset return assumptions is sufficient for EPS and the scheme is sound in a fundamental sense," the labour ministry said listing the task for the valuer.

 Apart from the valuation, the scope of work for the actuarial firm will involve making projection on impact of various amendments/changes in the EPS during the valuation period and future. 

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