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Question

Which of the following is true about the Employees' Pension Scheme (EPS) in India?

A It is mandatory for all employees of the organized sector to contribute towards the scheme Correct Answer Incorrect Answer
B It is a defined contribution plan Correct Answer Incorrect Answer
C The benefits received under the scheme are based on the number of years of service and the last drawn salary of the employee Correct Answer Incorrect Answer
D The scheme is regulated by the Insurance Regulatory and Development Authority of India (IRDAI) Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

The Employees' Pension Scheme (EPS) is a defined benefit plan that is available to employees of the organized sector in India. It is a mandatory scheme in which both the employee and employer make contributions towards the pension fund. The benefits received under the scheme are based on the number of years of service and the last drawn salary of the employee. The scheme is regulated by the Employees' Provident Fund Organization (EPFO), which is a statutory body under the Ministry of Labour and Employment, Government of India.  

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