The Finance Ministry has repeatedly suggested that the EPS subscribers should be allowed to migrate to the New Pension Scheme which has individual accounts for every member. In a recent letter to the Labour Ministry, it wrote that this would free the government "from any open ended and financially unsustainable liability of the EPS.

The world over, countries and organisations which had promised defined benefits to their citizens and employees are strapped with pension bills they can't afford.

However, defenders of the EPS claim that the government is trying to push the NPS which is a defined contribution scheme. The government is trying to discredit the scheme because the NPS has not found any takers. He points to a 2011 study which used the World Bank's valuation method and declared that the EPS could be sustained for decades. The study said that given the size of the scheme, the deficit was not too much and if some of the assumptions used were modified, the shortfall would turn into a surplus.

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