Concept, scope and social security in India - class-X

Gratuity is a type of after service payment to the employees who have fulfilled certain conditions of the job. According to the Payment of the Gratuity Act, 1972 the maximum amount of gratuity which can be paid to a employee is 10 lakh rupees of any establishment or corporate unit be it is private or public only after completion of a qualifying service of 5 years.

The contribution paid by the employer is 12%(in case of more than 20 employees) 10% (in case of less than 20 employees) of basic wages plus dearness allowance plus retaining allowance, according to the EPFO rules.  The contribution of both employer and employee is limited to 10% only.

As
per the EPFO rules, the contribution rate for both employee and the
employer is limited to 12 percent.(in the case of more than 20
employees)- this is a true statement. The contribution of both the employees and employer is limited to 10% only.

There are two major social security plans in India, the Employees Provident Fund Organization (EPFO) and the Employees State Insurance Corporation (ESIC) Social security refers to protection
provided by the society to its members against providential mishaps over
which a person has no control. Social security schemes are only
available to the the employees of the organized sector of India.

Gratuity is a type of after service payment to the employees who have fulfilled certain conditions of the job. According to the Payment of the Gratuity Act, 1972 the maximum amount of gratuity which can be paid to a employee is 10 lakh rupees. 

Pension is a type of after retirement payment to the retired employees of the business which is cut from the salary every year and is not taxable under the income tax act, 1961. 

Gratuity is a type of after service payment to the employees who have fulfilled certain conditions of the job. According to the Payment of the Gratuity Act, 1972 the maximum amount of gratuity which can be paid to a employee is 10 lakh rupees only after completion of a qualifying service of 5 years. 

Unorganized sector in India does not have an opportunity to participate in the social security scheme offered in India- this is a true statement. Social security refers to protection provided by the society to its members against providential mishaps over which a person has no control. Social security schemes are only available to the the employees of the organized sector of India.

Pension reforms in India were driven by the need to manage government fiscal liability, leading to the shift from defined-benefit (where the government bears the risk) to defined-contribution (where the individual bears the risk).

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. 

Group Personal Accident Insurance Cover policy compensates the insured groups members in case they meet with an accident during their employment. This policy provides full coverage in the event of death or disablement of the policy holder. Group Personal Accident Insurance Cover policy also provides discount on the number of members.

Travel insurance covers the hazards faced by travelers, including theft of documents and luggage.Travel insurance covers all the costs and losses associated with traveling. It is a useful protection for those travelling domestically or abroad.

Social security refers to protection
provided by the society to its members against providential mishaps over
which a person has no control. Social security schemes are only
available to the the employees of the organized sector of India. Unorganized sector in India does not have an opportunity to participate in the social security scheme offered in India.

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. 

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.