Injecting fiscal reforms in the system, the Goa cabinet approved creation of the pension liability fund with a provision of Rs 135 crore for the current financial year. | |
| "In the next ten years, the fund would be fed by the annual budget allocation to create a corpus", said Pratapsinh Rane, chief minister, Goa. |
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| The state recorded a pension expenditure of Rs 155 crore for the year 2005-06, Rane said adding, "Goa is amongst the eleven states whose pension expenditure is greater than the administrative service expenditure." |
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| "It has increased faster than that of the consolidated position of all the states combined," he added. |
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| Rane said the Darashaw Company - a professional agency, has been hired to get a detailed study on the pension expenditure and the funding requirement. |
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| Nearly 30 per cent pensioners in Goa were in the age group of 60-65 years, while 65 per cent were in between 65 and 70, he said. |
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| Rane said by 2014, the number of pensioners and employees will be equal, after which the number of pensioners or dependent population will be greater than productive employee population. |
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| The total pension liability for the state is estimated to be Rs 45,198 crore inclusive of death-cum-retirement gratuity benefit at present value cost, for the existing employees, he added. |
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