EPF

What does EPF stand for in the context of social security in India?

• Employee Provident Fund

• Employee Pension Fund

• Employer Provident Fund

• Employer Pension Fund

Which organization manages the EPF in India?

• Reserve Bank of India

• Securities and Exchange Board of India

• Employees' Provident Fund Organisation

• Insurance Regulatory and Development Authority

What is the primary purpose of the EPF?

• To provide health insurance

• To offer retirement savings

• To fund education

• To support housing loans

Who contributes to the EPF account?

• Only the employee

• Only the employer

• Both employee and employer

• Government only

What percentage of an employee's salary is typically contributed to the EPF by the employee?

• 5%

• 8.33%

• 12%

• 15%

At what age can an EPF member typically withdraw the full amount?

• 50 years

• 55 years

• 58 years

• 60 years

Which of the following is a benefit of the EPF scheme?

• Tax-free withdrawals

• Guaranteed returns

• Life insurance coverage

• All of the above

How often is interest credited to the EPF account?

• Monthly

• Quarterly

• Half-yearly

• Annually

What happens to the EPF account if an employee changes jobs?

• It is closed

• It is transferred to the new employer

• It is frozen

• It is withdrawn

Which section of the Indian Income Tax Act provides tax exemption for EPF contributions?

• Section 80C

• Section 10(10D)

• Section 24

• Section 80D