Actuarial valuation of unorganised sector pension scheme in offing

Proposal requires estimating liability on account of benefit under the PM-SYM scheme

The Labour Ministry is set to appoint an actuary to conduct a valuation of assets and liabilities of the government's flagship pension scheme, Pradhan Mantri Shram Yogi Maandhan (PM-SYM) yojana, for the unorganised sector.

“The actuary will have to assess the long-term financial sustainability of the scheme by developing a financial model based on actuarial assumptions & analysis to determine the impact of suggested future changes envisaged to the pension scheme like reassessment/re-fixation of contribution rates, restricting benefits of scheme to subscriber and spouse only among others,” read a request for proposal (RFP) released by the ministry