Tag: industrial relations, trade unions and social security

Questions Related to industrial relations, trade unions and social security

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

business studies insurance - introduction and importance concept, scope and social security in india concept of social security industrial relations, trade unions and social security

  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.

business studies insurance - introduction and importance concept, scope and social security in india concept of social security industrial relations, trade unions and social security

  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 __________________.

business studies insurance - introduction and importance concept, scope and social security in india concept of social security industrial relations, trade unions and social security

  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. 

Government of India established Pension Fund Regulatory and Development Authority (PFRDA) on 10th October, 2003.

business studies insurance - introduction and importance concept, scope and social security in india concept of social security industrial relations, trade unions and social security

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

b'Government of India established Pension Fund Regulatory and Development Authority (PFRDA) on 10th October, 2003- this is  a true statement. This was established by the Government of India to promote old age income security by developing and regulating funds in order to protect the interests of the subscribers to schemes of pension funds.