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Consider the following statements
1. Employees' Provident Fund Organisation (EPFO) is an executive body under the Finance Ministry.
2. It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.
2. It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.
Which of the above statement(s) is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements1. Employees Provident Fund Organisat...
In News: EPFO has liquidated equity outlay and retains 8.5% payout as interest over deposits.
Statement 1 is not correct. Employees' Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour.
Statement 2 is correct. It assists the Central Board in administering the following schemes for the workforce engaged in the organised sector in India.
Statement 1 is not correct. Employees' Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour.
Statement 2 is correct. It assists the Central Board in administering the following schemes for the workforce engaged in the organised sector in India.
- Compulsory contributory Provident Fund Scheme,
- Pension Scheme and
- Insurance Scheme
It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis.
Most Upvoted Answer
Consider the following statements1. Employees Provident Fund Organisat...
Background:
The Employees Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment, not the Finance Ministry as stated in Statement 1. It is responsible for managing the provident fund, pension scheme, and insurance scheme for employees in India. EPFO plays a crucial role in ensuring social security for employees and implementing various welfare measures.
Explanation:
Statement 1: Employees Provident Fund Organisation (EPFO) is an executive body under the Finance Ministry.
This statement is incorrect. The EPFO is not under the Finance Ministry; it is under the Ministry of Labour and Employment. The EPFO is responsible for the administration of the Employees' Provident Fund and Miscellaneous Provisions Act, 1952.
Statement 2: It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.
This statement is correct. The EPFO acts as the nodal agency for implementing Bilateral Social Security Agreements (SSAs) with other countries. SSAs are agreements signed between two countries to coordinate the social security provisions for individuals who have worked in both countries. These agreements ensure that individuals are not disadvantaged when it comes to availing social security benefits in their respective countries.
Conclusion:
In conclusion, Statement 1 is incorrect as the EPFO is not under the Finance Ministry but under the Ministry of Labour and Employment. Statement 2 is correct as the EPFO is indeed the nodal agency for implementing Bilateral Social Security Agreements with other countries. Therefore, the correct answer is option 'B' - 2 only.
The Employees Provident Fund Organisation (EPFO) is a statutory body under the Ministry of Labour and Employment, not the Finance Ministry as stated in Statement 1. It is responsible for managing the provident fund, pension scheme, and insurance scheme for employees in India. EPFO plays a crucial role in ensuring social security for employees and implementing various welfare measures.
Explanation:
Statement 1: Employees Provident Fund Organisation (EPFO) is an executive body under the Finance Ministry.
This statement is incorrect. The EPFO is not under the Finance Ministry; it is under the Ministry of Labour and Employment. The EPFO is responsible for the administration of the Employees' Provident Fund and Miscellaneous Provisions Act, 1952.
Statement 2: It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.
This statement is correct. The EPFO acts as the nodal agency for implementing Bilateral Social Security Agreements (SSAs) with other countries. SSAs are agreements signed between two countries to coordinate the social security provisions for individuals who have worked in both countries. These agreements ensure that individuals are not disadvantaged when it comes to availing social security benefits in their respective countries.
Conclusion:
In conclusion, Statement 1 is incorrect as the EPFO is not under the Finance Ministry but under the Ministry of Labour and Employment. Statement 2 is correct as the EPFO is indeed the nodal agency for implementing Bilateral Social Security Agreements with other countries. Therefore, the correct answer is option 'B' - 2 only.
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Consider the following statements1. Employees Provident Fund Organisation (EPFO) is an executive body under the Finance Ministry.2. It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.Which of the above statement(s) is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
Question Description
Consider the following statements1. Employees Provident Fund Organisation (EPFO) is an executive body under the Finance Ministry.2. It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.Which of the above statement(s) is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements1. Employees Provident Fund Organisation (EPFO) is an executive body under the Finance Ministry.2. It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.Which of the above statement(s) is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements1. Employees Provident Fund Organisation (EPFO) is an executive body under the Finance Ministry.2. It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.Which of the above statement(s) is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
Consider the following statements1. Employees Provident Fund Organisation (EPFO) is an executive body under the Finance Ministry.2. It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.Which of the above statement(s) is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements1. Employees Provident Fund Organisation (EPFO) is an executive body under the Finance Ministry.2. It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.Which of the above statement(s) is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements1. Employees Provident Fund Organisation (EPFO) is an executive body under the Finance Ministry.2. It is the nodal agency for implementing Bilateral Social Security Agreements with other countries.Which of the above statement(s) is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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