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    Question

    The Employees' Provident Fund Organisation (EPFO) is in

    the process of appointing an actuary firm for which purpose?
    A Providing consultancy services related to insurance and staff pension cum gratuity Correct Answer Incorrect Answer
    B Managing the EPF staff pension cum gratuity scheme Correct Answer Incorrect Answer
    C Auditing the EPFO financial statements Correct Answer Incorrect Answer
    D Enforcing labor laws and regulations Correct Answer Incorrect Answer
    E Conducting employee welfare programs Correct Answer Incorrect Answer

    Solution

    The Employees' Provident Fund Organisation (EPFO) is in the process of appointing an actuary firm for the purpose of providing consultancy services to it on matters related to insurance and staff pension cum gratuity.      The statutory body under the Ministry of Labour & Employment had issued a request for proposal (RFP) to appoint an actuary or an actuarial firm to carry out the annual valuation of the Employees Deposit Linked Insurance (EDLI) scheme fund, valuation and projection exercise of the Employee Pension Fund (EPF) staff pension cum gratuity scheme, leave encashment and any other scheme for EPFO employees that may be applicable or introduced during the tenure.

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