NEW DELHI: The hole in the employees' pension scheme rose from Rs 54,200 crore in 2008 to nearly Rs 62,000 crore in 2009, according to a significantly delayed valuation report of the scheme that was launched for provident fund account holders in 1995, when Manmohan Singh was the finance minister.
The report, which was presented to the government last year but only shared with PF trustees last week, has recommended that a part of the pension scheme's corpus be invested in "real assets like equities" instead of keeping it "wholly invested in fixed interest instruments." The actuary has also suggested that the superannuation or retirement age under the scheme be raised from 58 years to 60 years.
The pension scheme is expected to have a kitty of Rs 2.2 lakh crore with around 8 crore members, by the end of 2013-14. The UPA government has been dithering on a long-stalled proposal to offer a minimum monthly payout of Rs 1,000 to all retired members under the pension scheme, because of the finance ministry's concerns about its sustainability
The report, which was presented to the government last year but only shared with PF trustees last week, has recommended that a part of the pension scheme's corpus be invested in "real assets like equities" instead of keeping it "wholly invested in fixed interest instruments." The actuary has also suggested that the superannuation or retirement age under the scheme be raised from 58 years to 60 years.
The pension scheme is expected to have a kitty of Rs 2.2 lakh crore with around 8 crore members, by the end of 2013-14. The UPA government has been dithering on a long-stalled proposal to offer a minimum monthly payout of Rs 1,000 to all retired members under the pension scheme, because of the finance ministry's concerns about its sustainability
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