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Consider the following statements regarding EPF:
I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.
II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.
III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.
II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.
III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.
Q. Which of the following statement(s) is/are correct?
- a)Only I
- b)I and II
- c)I and III
- d)All of the above
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Consider the following statements regarding EPF:I. The EPF, which was ...
The EPF, which was created by The Employees’ Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.
Most Upvoted Answer
Consider the following statements regarding EPF:I. The EPF, which was ...
I. The EPF, which was created by The Employees Provident Funds Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.
The first statement is correct. The Employees' Provident Fund (EPF) is a social security scheme that was created by the Employees' Provident Funds Miscellaneous Provisions Act, 1952. It is applicable to establishments employing 20 or more employees. Under this scheme, most workers are required to contribute a certain percentage of their basic salary towards the EPF. The current contribution rate is 12% of the basic salary, which includes basic pay, dearness allowance, and retaining allowance, if any.
II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.
The second statement is correct. The contributions made by employees towards the EPF are deposited into an account managed by the Employees Provident Fund Organisation (EPFO). The EPFO is a statutory body under the Ministry of Labour and Employment, Government of India. It is responsible for the administration and management of the EPF scheme. The accumulated corpus in the EPF account is meant to provide a lump sum benefit to workers upon retirement. This lump sum benefit is a combination of the employee's contributions, the employer's contributions, and the interest earned on the contributions.
III. Employers must also contribute 12 per cent of their employees' basic, although about 70 per cent of the employer's contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.
The third statement is correct. As per the EPF scheme, employers are required to contribute 12% of their employees' basic salary towards the EPF. However, it is important to note that about 70% of the employer's contribution is allocated to the Employee Pension Scheme (EPS), while the remaining 30% goes into the EPF account. The EPS provides a pension benefit to employees upon their retirement or disablement. The pension amount is determined based on the employee's length of service and average monthly salary.
Therefore, all of the given statements are correct. The EPF scheme mandates both employees and employers to contribute a percentage of the basic salary towards the EPF, and the accumulated corpus is meant to provide retirement benefits to workers.
The first statement is correct. The Employees' Provident Fund (EPF) is a social security scheme that was created by the Employees' Provident Funds Miscellaneous Provisions Act, 1952. It is applicable to establishments employing 20 or more employees. Under this scheme, most workers are required to contribute a certain percentage of their basic salary towards the EPF. The current contribution rate is 12% of the basic salary, which includes basic pay, dearness allowance, and retaining allowance, if any.
II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.
The second statement is correct. The contributions made by employees towards the EPF are deposited into an account managed by the Employees Provident Fund Organisation (EPFO). The EPFO is a statutory body under the Ministry of Labour and Employment, Government of India. It is responsible for the administration and management of the EPF scheme. The accumulated corpus in the EPF account is meant to provide a lump sum benefit to workers upon retirement. This lump sum benefit is a combination of the employee's contributions, the employer's contributions, and the interest earned on the contributions.
III. Employers must also contribute 12 per cent of their employees' basic, although about 70 per cent of the employer's contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.
The third statement is correct. As per the EPF scheme, employers are required to contribute 12% of their employees' basic salary towards the EPF. However, it is important to note that about 70% of the employer's contribution is allocated to the Employee Pension Scheme (EPS), while the remaining 30% goes into the EPF account. The EPS provides a pension benefit to employees upon their retirement or disablement. The pension amount is determined based on the employee's length of service and average monthly salary.
Therefore, all of the given statements are correct. The EPF scheme mandates both employees and employers to contribute a percentage of the basic salary towards the EPF, and the accumulated corpus is meant to provide retirement benefits to workers.
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Consider the following statements regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. Can you explain this answer?
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Consider the following statements regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. 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 regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. 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 regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
Consider the following statements regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. 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 regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. 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 regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. Can you explain this answer?.
Solutions for Consider the following statements regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC.
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Here you can find the meaning of Consider the following statements regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
Consider the following statements regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Consider the following statements regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Consider the following statements regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice Consider the following statements regarding EPF:I. The EPF, which was created by The Employees ‘Provident Funds & Miscellaneous Provisions Act, 1952, is a fund to which most workers must involuntarily contribute at least 12 per cent of their basic salary.II. The money goes into an account managed by the Employees Provident Fund Organisation (EPFO) and is meant to provide a lump sum benefit to workers upon retirement.III. Employers must also contribute 12 per cent of their employees’ basic although about 70 per cent of the employers’ contribution goes into the Pension Scheme (EPS) while about 30 per cent goes into the EPF.Q. Which of the following statement(s) is/are correct?a)Only Ib)I and IIc)I and IIId)All of the aboveCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice UPSC tests.
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