EPF

Match the economic systems to its characteristics or meaning.

• Customs, family, and historical basis

• Command economy

• Private sector, profit, and minimal gov.

• Mixed economy

• Centrally owned by the government

• Traditional economy

• Public and private sectors

• Free Market

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%

Is the EPF contribution mandatory for all salaried employees in India?

• Yes, for all employees

• No, only for government employees

• Yes, for employees earning below a certain threshold

• No, it is voluntary

What is the minimum number of employees a company must have to be required to register for EPF?

• 5

• 10

• 20

• 50

Can an employee withdraw the EPF amount before retirement?

• Yes, under certain conditions

• No, only after retirement

• Yes, anytime

• No, it is locked until retirement

What is the interest rate on EPF contributions for the fiscal year 2020-2021?

• 7.1%

• 8.5%

• 6.5%

• 9.0%