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Which one of the following statements under the Employees' Provident Fund and Miscellaneous Provisions Act, 1952, is not correct ?
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.
- Option 1: It correctly states that the Employees' Provident Fund and Miscellaneous Provisions Act, 1952, includes a pension scheme. This includes provisions for pensions as well as family pensions.
- Option 2: This option is accurate. The Act provides for the Employees' Deposit Linked Insurance Scheme, which offers life insurance benefits to employees.
- Option 3: This statement is incorrect. The Act is applicable to cooperative societies employing a certain number of employees, regardless of whether they work with or without the aid of power.
- Option 4: This option is correct. Employer contributions to the fund are calculated based on the employee's basic wage, dearness allowance, and retaining allowance.
Correct Answer: Option 3 - The provisions related to cooperative societies are inaccurately described.
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