UPSC Exam > UPSC Questions > Consider the following statements. Under old ...
Start Learning for Free
Consider the following statements.
- Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners.
- National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary.
- NPS is mandatory for central government employees joining services on or after January 1, 2004.
- At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).
How many of the above statements are correct?
- a)Only one
- b)Only two
- c)Only three
- d)All four
Correct answer is option 'C'. Can you explain this answer?
| FREE This question is part of | Download PDF Attempt this Test |
Most Upvoted Answer
Consider the following statements. Under old pension scheme (OPS), the...
Statement 1: Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners.
This statement is correct. Under the old pension scheme, also known as the defined benefit pension scheme, the contributions made by the current generation of workers are used to pay the pensions of existing pensioners. This means that the pension benefits for retired employees are funded by the contributions of the current employees.
Statement 2: National Pension Scheme (NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary.
This statement is correct. The National Pension Scheme (NPS) is a contributory pension scheme introduced by the Government of India. Under this scheme, employees contribute a certain percentage of their salary towards their pension. The contribution is currently set at 10% of the basic salary and dearness allowance for government employees.
Statement 3: NPS is mandatory for central government employees joining services on or after January 1, 2004.
This statement is correct. The National Pension Scheme (NPS) is mandatory for central government employees who joined services on or after January 1, 2004. These employees are required to contribute towards their pension through the NPS.
Statement 4: At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).
This statement is incorrect. The National Pension Scheme (NPS) is currently regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and not the Securities and Exchange Board of India (SEBI). The PFRDA is the regulatory body responsible for overseeing and regulating the NPS.
In conclusion, three out of the four statements are correct. The correct statements are:
1. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners.
2. National Pension Scheme (NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary.
3. NPS is mandatory for central government employees joining services on or after January 1, 2004.
This statement is correct. Under the old pension scheme, also known as the defined benefit pension scheme, the contributions made by the current generation of workers are used to pay the pensions of existing pensioners. This means that the pension benefits for retired employees are funded by the contributions of the current employees.
Statement 2: National Pension Scheme (NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary.
This statement is correct. The National Pension Scheme (NPS) is a contributory pension scheme introduced by the Government of India. Under this scheme, employees contribute a certain percentage of their salary towards their pension. The contribution is currently set at 10% of the basic salary and dearness allowance for government employees.
Statement 3: NPS is mandatory for central government employees joining services on or after January 1, 2004.
This statement is correct. The National Pension Scheme (NPS) is mandatory for central government employees who joined services on or after January 1, 2004. These employees are required to contribute towards their pension through the NPS.
Statement 4: At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).
This statement is incorrect. The National Pension Scheme (NPS) is currently regulated by the Pension Fund Regulatory and Development Authority (PFRDA) and not the Securities and Exchange Board of India (SEBI). The PFRDA is the regulatory body responsible for overseeing and regulating the NPS.
In conclusion, three out of the four statements are correct. The correct statements are:
1. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners.
2. National Pension Scheme (NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary.
3. NPS is mandatory for central government employees joining services on or after January 1, 2004.
Free Test
FREE
| Start Free Test |
Community Answer
Consider the following statements. Under old pension scheme (OPS), the...
Statement 4 is incorrect.
- An old pension scheme (OPS), commonly known as the PAYG scheme, is defined as an unfunded pension scheme where current revenues fund pension benefits. Under this scheme, the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. OPS involved a direct transfer of resources from the current generation of taxpayers to fund the pensioners.
- NPS is a defined contribution pension scheme. NPS enables an individual to undertake retirement planning while in employment. With systematic savings and investments,
- NPS facilitates the accumulation of a pension corpus during their working life. NPS is designed to deliver a sustainable solution of having adequate retirement income in old age or upon superannuation.
- NPS is mandatory for central government employees joining services on or after January 1, 2004, and almost all state governments have adopted it for their employees. NPS, regulated by the Pension Fund Regulatory and Development Authority (PFRDA), is a contributory pension scheme under which employees contribute 10 per cent of their salary (Basic + Dearness Allowance).
Attention UPSC Students!
To make sure you are not studying endlessly, EduRev has designed UPSC study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in UPSC.
|
Explore Courses for UPSC exam
|
|
Similar UPSC Doubts
Top Courses for UPSCView all
Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer?
Question Description
Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer?.
Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer?.
Solutions for Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.
Here you can find the meaning of Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer?, a detailed solution for Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer? has been provided alongside types of Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Consider the following statements. Under old pension scheme (OPS), the contribution of the current generation of workers was explicitly used to pay the pensions of existing pensioners. National Pension Scheme(NPS) is a contributory pension scheme under which employees contribute 10 per cent of their salary. NPS is mandatory for central government employees joining services on or after January 1, 2004. At present National Pension Scheme is regulated by Securities and Exchange Board of India (SEBI).How many of the above statements are correct?a)Only oneb)Only twoc)Only threed)All fourCorrect answer is option 'C'. Can you explain this answer? tests, examples and also practice UPSC tests.
|
|
Explore Courses for UPSC exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup