New pension system not better than existing EPS: EPFO

The Employees’ Provident Fund Organisation (EPFO) says it disagrees with finance ministry’s proposal to encourage its subscribers to shift to New Pension System saying it does not provide better returns than its Employees Pension Scheme-1995.

The retirement fund body has said this in response to a letter written by Financial Services Secretary to Labour Secretary.

“If we take return of EPS as indicative return on the fund managed under EPS then the annualised return for the period May 2009 to May 2013 will be 10.47 per cent, which on the face of it, is higher than the return declared by NPS in its scheme for central government”, EPFO said.

Source The Hindu