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Q137 (CISF/2023) Economy › Schemes, Inclusion & Social Sector

After framing of the Pension Scheme under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, a pension fund shall be established as soon as possible. The establishment of the Pension Fund shall lead to cessation of which of the following?

Explanation

According to Section 6A of the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, the Central Government is empowered to frame the Employees' Pension Scheme (EPS). Sub-section (3) of Section 6A explicitly states that upon the establishment of the Pension Fund under this new scheme, the Family Pension Scheme, 1971, shall cease to operate.

Key points regarding this transition:

  • The Employees' Pension Scheme (EPS), 1995 replaced the erstwhile Family Pension Scheme (FPS), 1971.
  • All assets and liabilities of the Family Pension Fund were transferred to and vested in the newly created Pension Fund.
  • The Employees' Deposit Linked Insurance (EDLI) Scheme, established under Section 6C of the Act, remains a separate entity and did not cease with the introduction of the Pension Fund.
  • Therefore, the establishment of the Pension Fund led specifically to the cessation of the Family Pension Scheme.
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SIMILAR QUESTIONS

CISF · 2021 · Q102 Relevance score: 6.13

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 :

CISF · 2019 · Q102 Relevance score: 4.95

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.

CISF · 2018 · Q116 Relevance score: 4.60

Under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952, which of the following is the appropriate Government for the employees of an establishment having branches in more than one State ?

CISF · 2022 · Q118 Relevance score: 4.12

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 :