Rajya Sabha
All the members of Employees Provident Fund Scheme will be benefited by the hike in the interest rate of Employees Provident fund. As on March 31, 2004, there were 400.92 lakh members of the Employees’ Provident Fund.
The Employees’ Pension Scheme, 1995 administered by the Employees’ Provident Fund organisation is a funded scheme, which is valued annually by a Valuer appointed by the Central Government. It may alter the rate of contributions payable under the scheme or scale of benefits admissible under the scheme if the Fund so permits through valuation process. On the basis of the first four valuations, the Central Government had approved relief to the existing pensioners resulting in additional benefits. Central Board of Trustees (Employees Provident Fund) has initiated various steps in line with the measures recommended by the Actuarial Valuation Reports.
This information was given by the Minister of Labour and Employment, Shri K. Chandrasekhar Rao in a written reply in the Rajya Sabha.
MLD:LK:L-65(RS)July28
(Release ID :10589)