to 4.79 per cent on 31 December 1982, a reduction of 2.03 per cent. The imbalance would otherwise have increased to 8.41 per cent, an increase of 1.59 per cent, 0.5 per cent being due to the adjustment of the demographic assumptions to take account of the increased longevity of women, 0.85 per cent to accumulated interest on the deficit emerging from the 1980 valuation and 0.24 per cent to the development of the Fund's situation between the two valuations. In that regard, he pointed out that, if account was taken of the increased longevity of men, the imbalance would increase by 0.9 per cent. Any delay in rectifying the existing imbalance would automatically entail an increase in that imbalance. If the assumptions and valuation base were too optimistic, the following valuation would bring out an unfavourable development. 62. The valuation base used by the Consulting Actuary and approved by the Committee of Actuaries and the Board envisaged a rate of inflation in salaries of 6.5 per cent a year, a rate of return on investments of 9 per cent a year and a rate of inflation for pensions of 6 per cent a year. The rate of return (adjusted for inflation) was thus 3 per cent, a figure higher than the average for the past 23 years, which was 1.3 per cent. In spite of the gap between the hypothesis used and the real rates registered, the Board had decided not to change the valuation base, in view of the excellent results obtained during the past budgetary period. However, in view of that circumstance and the factors set forth above, he recommended that the rate of contribution should be increased gradually from 21 per cent to 24 per cent, by four increases of 0.75 per cent each (0.50 per cent 
**Analysis**
The text appears to be discussing the financial management of a pension fund, specifically the valuation of the fund and the recommended changes to the contribution rate. The text mentions demographic assumptions, inflation rates, and investment returns, which are all economic concepts. The text also mentions the committee of actuaries and the board, which suggests a formal organizational structure. Therefore, it seems likely that the text is related to the management of a financial institution or organization.

**Category**
Economy, Employment