The Auditor General (AG) has revealed to parliament in the annual report of the Agricultural and Agrarian Research Board that there is serious uncertainty about the viability of the Farmers’ Pension Scheme.
The latest audit has reportedly showed that the finances of the Fund has deteriorated from a surplus of Rs 214 million in 2008, to a deficit of Rs 741 million in 2009.
Total income of the Fund, for the year ending December 31, 2009, was around Rs 362.4 million, while the expenditure was over Rs 1.1 billion, the report has stated.
In 2008, the income was around Rs 716.2 million, while expenditure was around Rs 915.6 million.
“Even though a part of the administrative expenses had been met from government grants, the financial position of the Fund was critical. As such, there is a serious uncertainty about the viability of the Farmer’s Pension Scheme,” the Auditor General has said.