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B Com Exam  >  B Com Tests  >  Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - B Com MCQ

Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - B Com MCQ


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10 Questions MCQ Test - Test: Employees Provident Fund & Miscellaneous Provisions Act(1952)

Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) for B Com 2024 is part of B Com preparation. The Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) questions and answers have been prepared according to the B Com exam syllabus.The Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) below.
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Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 1
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What is the minimum number of years of membership required for a member to be eligible for a non-refundable advance under the Employees' Provident Fund Act?

Detailed Solution for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 1
In order to be eligible for a non-refundable advance under the Employees' Provident Fund Act, a member must have completed seven years of membership in the fund. This requirement ensures that the member has a certain level of savings in the fund before being eligible for an advance.
Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 2
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According to the Employees' Provident Fund and Miscellaneous Provisions Act 1952, who is eligible for Employees' Provident Fund benefits?

Detailed Solution for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 2
The Act states that the Employees' Provident Fund and Miscellaneous Provisions Act 1952 applies to establishments under state or central government control, among other criteria. This means that employees working in such establishments are eligible for Employees' Provident Fund benefits.
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Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 3
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What is the maximum rate of contribution by an employer in establishments employing 20 or more persons under the Employees' Provident Fund Scheme?

Detailed Solution for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 3
In establishments employing 20 or more persons under the Employees' Provident Fund Scheme, the maximum rate of contribution by an employer is 12% of the employee's basic wages. This is to ensure adequate savings for the employee's retirement and other benefits.
Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 4
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What is the purpose of the Employees' Pension Scheme?
Detailed Solution for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 4
The Employees' Pension Scheme is designed to provide superannuation pension, retiring pension, or permanent total disablement pension to employees, among other benefits. It ensures financial security for employees after retirement or in the case of disability.
Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 5
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Under what circumstances can a non-recoverable advance be authorized from an employee's provident fund account?
Detailed Solution for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 5
A non-recoverable advance from an employee's provident fund account can be authorized in case of a factory or establishment closure for more than 15 days, where employees are rendered unemployed without compensation.
Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 6
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What is the minimum number of years of membership required for an employee to be eligible for an advance for post-matriculation education of their children under the Employees' Provident Fund Act?
Detailed Solution for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 6
In order to be eligible for an advance for post-matriculation education of their children under the Employees' Provident Fund Act, an employee must have completed five years of membership in the fund. This ensures that the employee has a certain level of savings in the fund before being eligible for such an advance.
Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 7
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What is the primary purpose of the Employees' Provident Fund Scheme?
Detailed Solution for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 7
The primary purpose of the Employees' Provident Fund Scheme is to provide retirement and other financial benefits to employees. It covers various needs, including retirement, medical care, housing, and education, to ensure financial security for employees.
Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 8
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What is the maximum rate of contribution by an employer in establishments employing less than 20 persons under the Employees' Provident Fund Scheme?
Detailed Solution for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 8
In establishments employing less than 20 persons, no employer contribution is required under the Employees' Provident Fund Scheme. However, employees are still eligible to contribute voluntarily if they wish to do so.
Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 9
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What is the role of the Central Board in the administration of the Pension Fund?
Detailed Solution for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 9
The Central Board is responsible for vesting and administering the Pension Fund. This includes managing the fund's assets and ensuring it is used for the specified pension and benefit purposes for employees.
Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 10
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Under what circumstances can a member of the Employees' Provident Fund withdraw the full amount at their credit in the fund?
Detailed Solution for Test: Employees Provident Fund & Miscellaneous Provisions Act(1952) - Question 10
A member of the Employees' Provident Fund can withdraw the full amount at their credit in the fund upon reaching the age of 55 and upon termination of service. This provides financial security to members after their employment ends.
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