Which one of the following statements under the Employees 39 Provident Fund and Miscellaneous Provis...........

Industrial Relation and labour law Labour Laws -II

Which one of the following statements under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952, is not correct ?

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EPFO EO AO 2023

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It makes provision for pension scheme including family pension.

It makes provision for Employees' Deposit Linked Insurance Scheme.

The provisions of the Act shall not be applicable to Cooperative Societies employing fifty or more persons working without the aid of power.

The contribution by the employer to the Fund shall be on the basis of the basic wage, dearness allowance and retaining allowance (if any) of the employee.

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Explanation:

Let's look at all the statements:

- Option 1: The Act does provide for a pension scheme, including family pension, under the Employees' Pension Scheme.

- Option 2: The Act also provides for the Employees' Deposit Linked Insurance Scheme.

- Option 3: The act exempts cooperative societies only if they employ less than 50 persons and without the aid of power. If a cooperative society employs 50 or more persons, the Act is applicable, even if they do not use power. ??

- Option 4: Employer's contribution is based on basic wage, dearness allowance, and retaining allowance, which is correct.

So, Option 3 is not correct.