Question
Consider the following statements: 1. The
members of the Employees' Provident Fund and exempted Provident Funds are eligible for the Employees' Deposit-Linked Insurance Scheme. 2. Employees' Pension Scheme, 1995 was introduced for the industrial workers. 3. Coverage under the Employees' Provident Fund and Miscellaneous Provisions Act is restricted to establishments employing 20 or more persons. Which of the statements given above is/are correct?Solution
• The members of the Employees' Provident Fund and exempted Provident Funds are eligible for the Employees' Deposit-Linked Insurance Scheme. Hence, statement 1 is correct. • The Employee's Pension Scheme (EPS) was introduced in the year 1995 with the main aim of helping employees in the organised sector. All employees who are eligible for the Employees Provident Fund (EPF) scheme will also be eligible for EPS. Hence, statement 2 is incorrect. • Coverage under the Employees' Provident Fund and Miscellaneous Provisions Act is restricted to establishments employing 20 or more persons. Hence, statement 3 is correct . • Therefore, C is the right answer.
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