Deficit of CEB employee pension fund rises to Rs5.6 billion

Minister of Energy and Public Utilities, Joe Lesjongard, has admitted, in response to a parliamentary question by Labour MP Patrick Assirvaden, that the employee pension fund deficit at the Central Electricity Board (CEB) amounts to Rs 5.6 billion.

To address this shortfall “without penalising the employees”, the CEB, he said, had decided to inject funds into the pension scheme.

However, since last year, the CEB has apparently been unable to provide the promised funds.

The revelation of the pension fund deficit has raised concerns about the financial stability of the CEB and its ability to meet its obligations to employees.

Opposition MP Patrick Asirvaden claimed this serious shortfall was caused due to CEB’s contribution of over Rs 3 Billion to the State’s Consolidated Fund.

Source: Le Mauricien