EPF, EPS, EDLI & EPFO — Set 3
Labour Laws · EPF, EPS, EDLI और EPFO · Questions 21–30 of 200
Which app launched by EPFO allows members to access PF services on mobile?
Correct Answer: B. UMANG
EPFO integrated its services with the UMANG (Unified Mobile Application for New-age Governance) app. Through UMANG, members can check PF balance, download passbook, update KYC, and transfer PF accounts. UMANG is a unified government app developed by the Ministry of Electronics and IT.
What is the head designation of the EPFO?
Correct Answer: B. Central PF Commissioner
The Central Provident Fund Commissioner (CPFC) is the executive head of the EPFO. The CPFC is responsible for the day-to-day administration and management of EPF, EPS, and EDLI schemes. The CPFC also serves as the member-secretary of the Central Board of Trustees.
Under which Act does EPFO operate?
Correct Answer: B. Employees' Provident Funds and Miscellaneous Provisions Act 1952
EPFO operates under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952. This Act governs the EPF, EPS, and EDLI schemes. It has been amended multiple times to extend coverage and enhance benefits for workers.
During the COVID-19 pandemic, EPFO allowed special withdrawal of up to what percentage of EPF balance?
Correct Answer: C. 75%
During the COVID-19 pandemic in 2020, EPFO allowed members to withdraw up to 75% of their EPF balance or 3 months' wages (whichever is less) as a non-refundable advance. This was a relief measure under the Pradhan Mantri Garib Kalyan Package. The facility was available to all EPF members affected by the pandemic.
What is Voluntary Provident Fund (VPF)?
Correct Answer: B. An optional additional contribution beyond 12% by the employee
VPF (Voluntary Provident Fund) allows employees to voluntarily contribute more than the mandatory 12% of their basic salary to their EPF account. The additional contribution earns the same interest rate as regular EPF. There is no upper limit on VPF contributions, though tax benefits apply only up to specified limits.
Public Provident Fund (PPF) is managed by which entity?
Correct Answer: C. Ministry of Finance / Post offices and banks
PPF is managed by the Ministry of Finance and is available through post offices and designated nationalized banks. Unlike EPF (which covers salaried employees), PPF is open to all individuals including self-employed persons. The current PPF interest rate and the lock-in period of 15 years make it a popular long-term savings instrument.
What is the lock-in period for PPF (Public Provident Fund)?
Correct Answer: D. 15 years
PPF has a mandatory lock-in period of 15 years. Partial withdrawals are permitted from the 7th financial year onwards. The account can be extended in blocks of 5 years after maturity, with or without contributions.
The Supreme Court's 2022 judgment on EPF higher pension related to which earlier Supreme Court order?
Correct Answer: D. Both RC Gupta and Shiv Kumar Joshi cases
The Supreme Court's November 2022 judgment upheld the right of employees to opt for higher pension under EPS based on actual salaries exceeding the wage ceiling. It was linked to earlier judgments including the RC Gupta case (2016) and Shiv Kumar Joshi case. EPFO subsequently launched a portal for eligible employees to apply for the higher pension option.
Under the higher pension option post the 2022 Supreme Court order, what was the last date given to employees to apply (extended deadline)?
Correct Answer: C. June 26, 2023
EPFO extended the deadline for submitting joint options for higher pension under EPS to June 26, 2023. This followed multiple extensions due to high demand and technical issues on the portal. Employees who opted for higher pension had to make up the shortfall in contributions with interest.
What percentage of EPF contribution is placed in government securities as per EPFO investment guidelines?
Correct Answer: C. 45%
EPFO's investment pattern mandates that at least 45% of incremental corpus be invested in government securities and related instruments. Up to 15% can be invested in equity (ETFs). The conservative investment mandate ensures safety of workers' retirement savings.