EPF, EPS, EDLI & EPFO — Set 1
Labour Laws · EPF, EPS, EDLI और EPFO · Questions 1–10 of 200
In which year was the Employees' Provident Fund Organisation (EPFO) established?
Correct Answer: B. 1952
EPFO was established in 1952 under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. It is one of the largest social security organisations in India. It operates under the Ministry of Labour and Employment, Government of India.
Which ministry oversees the functioning of EPFO?
Correct Answer: C. Ministry of Labour and Employment
EPFO functions under the administrative control of the Ministry of Labour and Employment. The ministry formulates policies related to provident fund, pension, and insurance. The Union Minister of Labour and Employment serves as the ex-officio Chairman of the Central Board of Trustees.
What is the tripartite body that manages EPFO called?
Correct Answer: B. Central Board of Trustees
The Central Board of Trustees (CBT) is the apex decision-making body of EPFO. It is tripartite in nature, comprising representatives of the central government, state governments, employers, and employees. The CBT sets policies including interest rates on EPF deposits.
What percentage of basic salary does an employer contribute to EPF?
Correct Answer: B. 12%
Employers contribute 12% of the employee's basic salary plus dearness allowance towards the EPF. This 12% is split — 3.67% goes to the EPF account and 8.33% goes to the Employees' Pension Scheme (EPS). The employee also contributes 12% entirely to the EPF account.
What percentage of basic salary does an employee contribute to EPF?
Correct Answer: C. 12%
An employee contributes 12% of basic salary and dearness allowance to the EPF account every month. This entire 12% goes directly into the employee's EPF corpus. The matching 12% from the employer is split between EPF and EPS.
What is the current EPF interest rate (2023-24)?
Correct Answer: C. 8.25%
The EPFO Central Board of Trustees recommended an interest rate of 8.25% on EPF deposits for the financial year 2023-24. This was the highest interest rate in three years. The interest is credited annually to the EPF accounts of eligible members.
EPF is mandatory for establishments employing how many or more employees?
Correct Answer: C. 20
EPF is mandatory for all establishments employing 20 or more employees. Establishments with fewer than 20 employees can voluntarily opt into the EPF scheme. Once covered, an establishment remains covered even if the number of employees falls below 20.
What is the wage ceiling for mandatory EPF membership?
Correct Answer: C. Rs 15,000
Employees drawing a monthly basic salary of up to Rs 15,000 are mandatorily covered under EPF. Employees earning above Rs 15,000 can join EPF voluntarily with employer consent. The wage ceiling was last revised in 2014 from Rs 6,500 to Rs 15,000.
What does UAN stand for in the context of EPFO?
Correct Answer: B. Universal Account Number
UAN stands for Universal Account Number, a 12-digit unique identifier allotted to every EPF member. The UAN remains constant throughout an employee's career regardless of job changes. It links multiple Member IDs from different employers to a single account.
Which form is used for final EPF settlement (withdrawal on leaving service)?
Correct Answer: B. Form 19
Form 19 is used by an employee to claim the final EPF settlement after leaving service, retirement, or permanent incapacity. It allows withdrawal of the entire EPF balance accumulated over the service period. This form is submitted to the EPFO regional office or processed online via the UAN portal.