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A high actuarial deficit in the Employees’ Pension Scheme (EPS) reflecting the gap between the net present value (NPV) of contribution and benefits, and a progressive increase in the number of pensioners going forward, are two key concerns the Employees’ Provident Fund Organisation (EPFO) is grappling with as it attempts to implement a higher pension option for subscribers following a decision by the Supreme Court.
The EPS is the social security pension scheme offered by the EPFO to organised sector workers.
In its response during the proceedings in the Supreme Court last year, the EPFO had pegged the pension fund’s actuarial deficit rising to over Rs 15 lakh crore for implementation of the higher pension plan after the Kerala High Court set aside the modifications to EPS in 2014.
The projected difference between the NPV of contribution and NPV of benefit is very large and it is one of the main reasons the Fund opposed it in appeals in the earlier court cases.
But the Supreme Court decision provided some relief to the EPFO which reduced the number of members/ pensioners who could gain from higher pension options.
Govt & Politics
India moots action plan to mark 2023 as year of tourism development at SCO meet (Page no. 10)
(GS Paper 2, International Organisation)
India mooted an action plan to mark 2023 as the year of tourism development in the SCO (Shanghai Cooperation Organisation) region at the tourism ministers’ conference in Varanasi.
While Lu Ying Chuan, Deputy Minister of Culture and Tourism from China, attended physically, representatives from Russia and Pakistan joined the meeting virtually, said a statement by the Ministry of Tourism.
Union Tourism Minister G Kishan Reddy chaired the meeting, attended by Yerzhan Yerkinbayev, Vice-Minister of Culture and Sports, Kazakhstan; Samat Bekturovich Shatmanov, Deputy Minister of Culture, Kyrgyzstan; and Azamov Ulugbek Axmatovich, First Deputy Minister of Culture and Tourism, Uzbekistan; even as Vladimir Evgenyvich Ilyichev, Deputy Minister of Economic Development, Russia; Muminzod Kamoliddin, Chairman of the Tourism Development Committee, Tajikistan; and Aun Chaudhry, Adviser to the Prime Minister on Tourism and Sports, Pakistan, attended virtually.
The meeting was also attended by senior officials from departments of tourism from the SCO member countries, besides representatives from the SCO Secretariat, Ministry of Tourism and Ministry of External Affairs, said the statement.
Express Network
22 Army Chiefs, representatives to participate in first-ever India-Africa Chiefs Conclave (Page no. 11)
(GS Paper 2, International Relation)
India is set to hold the first-ever India-Africa Army Chiefs Conclave on March 28, and a nine-day military exercise with African militaries from March 21, in Pune, furthering India’s outreach to African nations amid China’s growing influence in the continent.
As many as 22 Army Chiefs and representatives of Army Chiefs of African countries have confirmed their participation in the conclave to be hosted by Army Chief Gen Manoj Pande. Senior officers of the services and officials from the ministries of Defence and External Affairs will also attend the conclave.
Army chiefs of Congo, Niger, Zambia, Zimbabwe, Malawi, Uganda, Seychelles, Gambia, Tanzania and Kenya have confirmed their participation in the event. Representatives of military heads of 12 nations will also participate in the conclave.
The second edition of Africa-India Exercise (AFINDEX-2023), which will see participation of contingents from more than 20 countries, will be held between March 21 and March 29. An exhibition of indigenous military equipment and platforms will be organised on the concluding day of the exercise, showcasing India’s manufacturing capabilities to the African delegates.
Explained
What’s new in the NASA’s new spacesuit? (Page no. 15)
(GS Paper 3, Space)
For the upcoming Artemis missions, NASA’s first attempt at landing astronauts on the moon since 1972, the spacesuit used will see a significant upgrade.
Unlike the bulky – and iconic – suits in which Neil Armstrong and Buzz Aldrin skipped around on the lunar surface, the new suit will be “more nimble, comfortable and designed to fit a broader array of body types.
In a demonstration on Wednesday (March 15) at the Houston Space Center, James Stein, the suit’s chief engineer, showcased not just the increased mobility provided by the suit when compared to what was previously used, but also other interesting features.
The suit comes from Axiom Space, a private company based out of Houston, Texas, though it incorporates design elements used in previous suits by NASA. It will be worn during the Artemis III mission, the program’s first moon landing, which is scheduled for 2025. It is called the AxEMU (Axiom Extravehicular Mobility Unit).
Without a spacesuit, humans will not survive for long in the harsh conditions of outer space or the lunar surface.
First, spacesuits protect the human body from the extreme temperature fluctuations of space. In absence of an atmosphere, areas which receive direct sunlight become extremely hot whereas areas in the dark are frigid. The first job of a space suit is to insulate the astronaut inside from the extreme temperatures.