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The Central Government may frame a scheme to be called the Employees' Pension Scheme under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 for the purpose of providing
1. Superannuation pension.
2. Retiring pension.
3. Partial disablement pension.
4. Permanent total disablement pension.
Select the correct answer using the code given below :
Explanation
The Employees' Pension Scheme (EPS), 1995, was framed by the Central Government under Section 6A of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. The scheme is designed to provide social security to organized sector employees. Its primary purposes include:
- Superannuation Pension: Granted to members who reach the age of 58 years.
- Retiring Pension: Granted to members who have completed 10 years of service and retire or leave service after the age of 50 but before 58.
- Permanent Total Disablement Pension: Payable to a member who suffers permanent and total disability while in service, regardless of the length of service (provided at least one month's contribution is made).
The scheme does not provide for partial disablement pension. Compensation for partial disablement is generally governed by the Employees' Compensation Act, 1923. Thus, statements 1, 2, and 4 are correct.
SIMILAR QUESTIONS
Under the Employees' Provident Funds and Miscellaneous Provisions Act, the Central Government may authorize an employee. to maintain a Provident Fund Account in relation to the establishment, upon an application made by the employer and majority of such establishment's employees provided that the number of persons employed in that establishment is not less than
The Chairman and Vice-Chairman of the Central Board under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 are to be appointed by
Which of the following are included under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952?
1. Employees' Provident Fund
2. Employees' Deposit Linked Insurance Scheme
3. Employees' Permanent Disablement Pension
4. Pension of the Employees' Widows
Select the correct answer using the code given below.
The Employees' Provident Funds and Miscellaneous Provisions Act does not apply to
Which of the following statements is/are correct ?
The Employees' Provident Funds and Miscellaneous Provisions Act, 1952 is generally applicable to every establishment :
1. which deposits GST of more than ₹ 50,000 per year.
2. employing twenty or more persons.
Select the correct answer using the code given below :