With reference to Employees rsquo Provident Funds and Miscellaneous Provisions Act consider the foll...........

Social Security Pension and Insurance

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With reference to Employees’ Provident Funds and (Miscellaneous Provisions) Act, consider the following statements

It is a statutory benefit payable to employees working in India and is applicable pan-India.
The administration and management of Employees’ Provident Fund (EPF) is carried out by the Central Board of Trustees (CBT) established by the Central Government consisting of representatives of the Government, employers and employees respectively.

Select the correct statement.

1 only

2 only

Both

None

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Explanation:

Employees’ Provident Fund is a statutory benefit payable to employees working in India. The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 ("Act") is applicable pan-India. The administration and management of Employees’ Provident Fund (EPF) is carried out by the Central Board of Trustees (CBT) established by the Central Government consisting of representatives of the Government, employers and employees respectively. The Employees’ Provident Fund Organization (EPFO) assists this Board in its activities. Hence both statements are correct.