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    The Employees' Provident Fund Organisation (EPFO) trustees will consider raising the age limit for vesting of pension benefits under the Employees' Pension Scheme from 58 to 60 years. Currently, formal sector workers can contribute to the pension scheme until age 58 and claim pension thereafter. The Pension Implementation Committee has recommended increasing the vesting age to 60 and providing incentives for those who claim pension then. Raising the age limit would reduce the pension fund deficit by an estimated Rs 27,067 crore according to an actuary's report, by providing two additional years of service contributions. However, the valuer also suggested carefully reviewing investment returns and performing sensitivity analysis more frequently before increasing benefits.

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    The Employees' Provident Fund Organisation (EPFO) trustees will consider raising the age limit for vesting of pension benefits under the Employees' Pension Scheme from 58 to 60 years. Currently, formal sector workers can contribute to the pension scheme until age 58 and claim pension thereafter. The Pension Implementation Committee has recommended increasing the vesting age to 60 and providing incentives for those who claim pension then. Raising the age limit would reduce the pension fund deficit by an estimated Rs 27,067 crore according to an actuary's report, by providing two additional years of service contributions. However, the valuer also suggested carefully reviewing investment returns and performing sensitivity analysis more frequently before increasing benefits.

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    © All Rights Reserved
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    16 views2 pages

    Age Limit May Be Raised To 60 Years

    Uploaded by

    koyasrujana
    The Employees' Provident Fund Organisation (EPFO) trustees will consider raising the age limit for vesting of pension benefits under the Employees' Pension Scheme from 58 to 60 years. Currently, formal sector workers can contribute to the pension scheme until age 58 and claim pension thereafter. The Pension Implementation Committee has recommended increasing the vesting age to 60 and providing incentives for those who claim pension then. Raising the age limit would reduce the pension fund deficit by an estimated Rs 27,067 crore according to an actuary's report, by providing two additional years of service contributions. However, the valuer also suggested carefully reviewing investment returns and performing sensitivity analysis more frequently before increasing benefits.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    2/16/2015

    Agelimitmayberaisedto60years
    Aboutus| Epaper| Advertise| Archive
    Monday,February16,2015|UPDATED12:34IST

    HOME | NATION WORLD | PUNJAB | HARYANA | HIMACHAL | J&K | UTTARAKHAND | CITIES | OPINION | SPORT | BUSINESS |
    FEATURES |

    FLASH

    Inflationdipsto()0.39pcinJanuaryfrom0.11pcinDecember

    Nation
    Postedat:Feb1620152:07AM

    EPFOPENSIONSCHEME

    Agelimitmayberaisedto60years
    NewDelhi,February15
    RetirementfundbodyEmployeesProvidentFundOrganisations
    trusteesinameetingonThursdaywillconsideraproposaltoraisethe
    agelimitfrom58to60yearsforvestingofpensionunderthe
    EmployeesPensionScheme(EPS95).
    Atpresent,aformalsectorworkercoveredundertheEPS95canmake
    contributionstowardspensionschemetilltheageof58yearsandcan
    claimpensionafterthat.
    ThePensionImplementationCommittee(PIC)hasrecommendedan
    increaseintheageforvestingpensionto60years,whilesuggesting
    thattheActuaryshouldbeaskedtodevelopamodeltogiveincentive
    tothosepersonswhooptfordrawingpensionattheageof60years.
    Anactuaryanalysesfinancialconsequencesofriskafterstudying
    uncertainfutureevents,particularlyofconcernstopensionand
    insuranceplans.
    Raisingtheagelimitwouldreducethedeficitinpensionfundand
    wouldincreasethepensionbenefitsofmembersastherewouldbetwo
    additionalyearsofservice,aspertheagendalistedforthemeetingof
    theEmployeesProvidentFundOrganisations(EPFO)apexdecision
    makingbodytheCentralBoardofTrustees(CBT).
    Accordingtoareportofthevalueronthescheme,increasingtheage
    limitwouldreducetheshortfallinthepensionfundtotheextendofRs
    27,067crore.

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    Thelevelofdeficitisnotamatterofconcern,thoughitis
    recommendedthattheEPFOshouldlookintoinvestmentreturnsmore
    carefullyanddonotincreasebenefitswithoutconsultingActuaryand
    dosensitivityanalysismorefrequently,thevaluerhassuggested.
    PTI

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