EPFO to appoint actuary to provide consultancy on insurance, pension

The Employees' Provident Fund Organisation (EPFO) is in the process of appointing an actuary firm for the purpose of providing consultancy services to it on matters related to insurance and staff pension cum gratuity. 

The statutory body under the Ministry of Labour & Employment had issued a request for proposal (RFP) to appoint an actuary or an actuarial firm to carry out the annual valuation of the Employees Deposit Linked Insurance (EDLI) scheme fund.

It would also undertake valuation and projection exercise of the Employee Pension Fund (EPF) staff pension cum gratuity scheme, leave encashment and any other scheme for EPFO employees that may be applicable.

The proposal to elicit response from the interested actuarial firms was issued and the process is slated to commence by August 17.

The approved consultant will be empanelled with the EPFO headquarters in New Delhi for a tenure of one year.

Last year, EPFO had also issued an RFP to appoint an actuarial consultant to study the Employee Pension Scheme (EPS)-1995