EPS 95 HIGHER PENSION CASES HEARING 11 AUGUST 2022: Dear friends today’s proceedings before Hon’ble Supreme Court started with arguments by EPFO’S learned law yer Sh. Aryam Sunderam.He started arguing with the scenario if 22.8.2014 amendments is strucked down,the impact on financial sustainabilty will be severe.He gave the figure of 21 229 pensioners who got amended pension after Hon’ble Kerala High Court Judgement, the amount paid retrospectively by pensioners was Rs 461 crore and the arrears paid by EPFO were Rs 718 Crore net difference of Rs 257 Crore and also mentioned that existing monthly pension of these 21229 pensioners is Rs.4.03 crore and revised pension is Rs.14.77 Crore Rs,hence additional liabilty is Rs 10.74 Crore which in next ten years will be Rs.1483 Crores after the judgement of Hon’ble Kerala High court and if implemented for all 18.2 lakh Pensioners (unexempted trust)it will around 1.27 lakh Crores rupees.He further said that on an average Salary of Rs.75’000 in next ten years liability will be Rs.33 lakh Crores against contribution of Rs 15 lakh Crore hence net deficit of 18 lakh Crore in next 10 years.
Hon’ble judges pointed out if there was alarming bell was ringing why not it came in your annual report since the judgement of Hon’ble Kerala High Court. Mr.Aryam Sunderam mentioned both the scheme PF and EPS pensions are different. Pension funds has budgetory restrictions.Mr Sunderam said the Cut off date issue has already been settled by a constitutional bench of Supreme Court in Krishna Kumar case but he was not a member of both the Scheme but in this present case pensioners are members of the both the scheme Provident fund as well as EPS 95 pension scheme.
After the submission of Mr.Sunderam Mr,Shankaran and another lawyer countered the arguments of Mr.Sunderam.Now it is lunch and in post lunch Bench will further give time to Pensioners lawyers.JS.Duggal General Secretary BKNK Sangh.
above proceedingsTill lunch
Hearing will resume after lunch. NCR advocates and petioners’ advocates will give rebuttal to EPFO’s Affidavit.