Check your Learning of Provident Fund Act 1952

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Eduroof.com, Certificate in Payroll, Tata Institute of Social Sciences- SVE.

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Select the options who are eligible for PF *

10 points

Every employee employed directly / through a contractor who is in receipt of wages are eligible to become a member of the fund (exception - Apprentice under the Apprentices Act and casual laborers)

Irrespective of permanent / probationary employees, all employees are eligible for joining the PF scheme from the date of joining the service

The senior executives of the company

Other:

Required

Select the Benefits of the PF *

10 points

Employees can take advances / withdraw the PF in case of retirement, medical care, housing, family obligation, education of children & financing of life Insurance Polices

Upto 90% of the PF amount can be withdrawn at the age of 54 years or before one year of actual retirement

PF amount of the deceased member is payable to nominees / legal heirs

Immediate income tax exemption under Sec 80C of IT Act

Equal contribution by the employer

Interest rate is usually higher than the prevailing market rate (present interest rate @ 8.5%)

PF A/c can be transferred if any member changes from one establishment to other where the PF Scheme is applicable

Totally tax free returns

PF can be transferred from one person to another.

PF can be used to avail medical benefits

Other:

Required

Select the Correct Rate of Contributions of employee and Employer *

10 points

Employee 12% of Basic Pay

Employee 13.61% of Basic pay

Employer 12% of Basic

Employer 13.61% of Basic pay

Other:

Required

Select the rate of interest applicable in case of delay in payment of PF by more than 2 months but less than 4 months *

10 points

17%

22%

24%

Other:

Required

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