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प्रश्न
What is a Provident Fund Scheme?
Briefly explain Provident Fund.
संक्षेप में उत्तर
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उत्तर
- Under the Employees' Provident Funds and Miscellaneous Provisions Act, the Central Government has established the provident fund scheme for employees.
- Every employee is entitled to become a member of the scheme after completing three months of continuous service.
- The employee and the employer contribute every month ten percent of the basic wages. The total contributions are invested in specified investments.
- The accumulated amount of standing credit to an employee is payable upon retirement, death, or at the time of leaving service.
- An employee can get advances and permanent withdrawals for construction of house, marriage of dependents and other specified purposes, like serious illness.
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Social Security in India
क्या इस प्रश्न या उत्तर में कोई त्रुटि है?
संबंधित प्रश्न
Amount of ______ is paid once in lump sum whereas ______ is paid every month.
NPS stands for ______.
Social security implies measures to protect workers against distress caused by ______.
Why is 'Gratuity' given by an employer to an employee?
Distinguish between gratuity and provident fund.
Mention any two ways by which employees get social security.
Explain any two social security measures adopted in India.
| Mr. Khanna, a manager in a public limited company, is turning sixty years of age and is about to retire from the organisation after a long and dedicated service. |
In this context answer the following:
- Name any two Acts pertaining to Mr. Khanna's retirement.
- Discuss the reasons why these two Acts need to be effected in organisations.
Distinguish between Provident Fund and Pension.
Distinguish between social insurance and social assistance.
