Tag: concept of social security

Questions Related to concept of social security

PF amounts i.e. employees & employers share has to be deposited _____________.

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  1. With income tax authorities

  2. State Provident Fund Commissioner

  3. Regional Provident Fund Commissioner

  4. None of above

Show answer
Correct Option: C
Explanation:

According to the employees provident funds and miscellaneous provisions act, 1952 the employees have to contribute a total of minimum twelve percent of their salary with dearness allowance to the funds established under the schemes prescribed by the central government. The contribution to the provident fund is deposited by the middle of the next month from the date when the salary got due to the Regional provident fund commissioner. 

Which, one of the following is the regulating authority for governing the Insurance companies in India?

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  1. TRAI

  2. PFRDA

  3. IRDA

  4. SEBI

Show answer
Correct Option: C
Explanation:

The Insurance Regulatory and Development Authority of India (IRDA) is the regulating authority that governs the Insurance companies in India. The IRDA was established by the Insurance Regulatory and Development Authority(IRDA) Act, 1999. 

It is an autonomous, statutory agency which regulates and promotes the insurance and re-insurance industries in India.

One can open multiple NPS accounts.

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  1. True

  2. False

Show answer
Correct Option: B
Explanation:

One can open multiple NPS accounts- this is a false statement as one can open only one NPS account. National Pension System (NPS) is a government-sponsored pension scheme. It was launched in January 2004. National Pension Scheme provides old age income with reasonable market based returns. NPS was initially launched only for government employees.

An NRI can join NPS.

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  1. True

  2. False

Show answer
Correct Option: A
Explanation:

An NRI(Non-Residential Indian) can join National Pension Scheme. National Pension System (NPS) is a government-sponsored pension scheme. It was launched in January 2004. National Pension Scheme provides old age income with reasonable market based returns. NPS was initially launched only for government employees.

Which of the following would not ensure better labour relations?

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  1. Proper rehabilitation of retrenched labour.

  2. Rational and pragmatic recruitment policy.

  3. Inadequate incentives for productivity of labour.

  4. Disincentives for failures.

Show answer
Correct Option: C
Explanation:

Inadequate incentives for productivity of labour would not ensure better labour relations. Proper and adequate incentives for productivity of labor is to be provided in order to maintain a good labour relations which will help to facilitate smooth functioning of all other organizational activities.

If the account holder discontinues investment in NPS, the account will be frozen.

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  1. True

  2. False

Show answer
Correct Option: A
Explanation:

If the account holder discontinues investment in NPS, the account will be frozen. National Pension System (NPS) is a government-sponsored pension scheme. It was launched in January 2004. National Pension Scheme provides old age income with reasonable market based returns. NPS was initially launched only for government employees.

National Pension System (NPS) is a government-sponsored pension scheme. It was launched in ______________.

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  1. January 2005

  2. January 2004

  3. January 2007

  4. January 2003

Show answer
Correct Option: B
Explanation:

National Pension System (NPS) is a government-sponsored pension scheme. It was launched in January 2004. National Pension Scheme provides old age income with reasonable market based returns. NPS was initially launched only for government employees.

Which of the following is/are true about the NPS?

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  1. The NPS account can be unfrozen by paying the minimum required amount and a penalty of Rs 100.

  2. Minimum contribution required is of Rs 6,000 in the Tier-I account.

  3. Government will not contribute to the NPS account.

  4. All of the above

Show answer
Correct Option: D
Explanation:
National Pension System (NPS) is a government-sponsored pension scheme. It was launched in January 2004. National Pension Scheme provides old age income with reasonable market based returns. NPS was initially launched only for government employees. Following statements are true about the NPS:
a) The NPS account can be unfrozen by paying the minimum required amount and a penalty of Rs 100.
b) Minimum contribution required is of Rs 6,000 in the Tier-I account.
c) Government will not contribute to the NPS account.

Any Indian citizen between ________ years can join NPS.

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  1. 18 and 60

  2. 30 and 50

  3. 18 and 40

  4. 20 and 40

Show answer
Correct Option: A
Explanation:

Any Indian citizen between 18 and 60 years can join NPS. National Pension System (NPS) is a government-sponsored pension scheme. It was launched in January 2004. National Pension Scheme provides old age income with reasonable market based returns. NPS was initially launched only for government employees.

PPF means __________________.

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  1. Pension Planning Funds

  2. Person having Pension Facilities

  3. Public Provident Fund

  4. Permanent Practitioners Forum

Show answer
Correct Option: C
Explanation:

Public provident fund is a type of after retirement payment to the retired employees of the business which is contributed by the employees as well as the employers to create a separate fund which is availed by the retired employees on their retirement.