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Questions
What is a Provident Fund Scheme?
Briefly explain Provident Fund.
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Solution
- 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.
RELATED QUESTIONS
A voluntary payment made by an employer to an employee who retires after long and dedicated services is ______.
When the Principal of a school retires, the vice - principal is given her place. Identify which of the following will be true in this context.
- The vice-principal is being transferred
- The vice-principal will be getting a higher salary
- The vice-principal is getting promoted
- The vice-principal will be getting the same salary but her designation will change
The National Pension Scheme seeks to provide old-age security to the citizens.
Write a short note on Social Security.
Why is 'Gratuity' given by an employer to an employee?
What do you mean by group life insurance?
Mention any two ways by which employees get social security.
Mention any two advantages of group life insurance to employees.
Explain any two social security measures adopted in India.
Explain the benefits provided by employers to employees under the Employees State Insurance Act.
