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Social Security, ESCI, EPFO, NPS and Atal Pension Scheme - Economics, UPSC Mains Exam Video Lecture
FAQs on Social Security, ESCI, EPFO, NPS and Atal Pension Scheme - Economics, UPSC Mains Exam Video Lecture
| 1. What is the purpose of the Social Security scheme in India? |  |
Ans. The purpose of the Social Security scheme in India is to provide financial support and protection to individuals, especially the economically weaker sections, during times of unemployment, old age, or disability. It aims to ensure a basic standard of living and social welfare for all citizens.
| 2. How does the Employees' State Insurance Corporation (ESCI) benefit workers? | |
Ans. The Employees' State Insurance Corporation (ESCI) provides various benefits to workers, including medical care, sickness benefits, maternity benefits, and pensions in case of disablement or death. It aims to protect workers and their families from financial distress due to health-related issues or job-related risks.
| 3. What are the key features of the Employees' Provident Fund Organisation (EPFO)? | |
Ans. The key features of the Employees' Provident Fund Organisation (EPFO) include providing a retirement savings scheme for employees, which includes contributions from both the employer and employee. It offers benefits such as a provident fund, pension scheme, and insurance cover to ensure financial security for employees after retirement.
| 4. What is the National Pension System (NPS) and who can enroll in it? | |
Ans. The National Pension System (NPS) is a government-sponsored pension scheme that aims to provide old-age security to citizens. It is open to all Indian citizens, including self-employed individuals and employees of the public and private sectors. It encourages individuals to save for their retirement through systematic contributions.
| 5. How does the Atal Pension Scheme support the elderly in India? | |
Ans. The Atal Pension Scheme provides a monthly pension to individuals, particularly those in the unorganized sector, after they reach the age of 60. It encourages savings during the working years and offers a guaranteed pension based on contributions, thereby supporting financial security for the elderly in their retirement years.
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