Pension plan faces Rs 19,291 cr deficit

The seventh annual valuation report of the employees pension scheme has disclosed a projected deficit of Rs 19,291 crore (Rs 192.91 billion) as on March 31, 2003, Lok Sabha was told on Monday.

Labour Minister K Chandrasekhar Rao said the deficit is mainly on account of raising of the wage ceiling from Rs 5,000 to Rs 6,500 with effect from June 2001.

He said the projected deficit could be covered by taking certain corrective measures suggested in the report.