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Legally, the EPF is only obligated to provide 2.5% dividends (as per Section 27 of the Employees Provident Fund Act 1991). [8] The EPF claims that the lowered dividend is the result of its decision to invest in low-risk fixed revenue instruments, which produce lower returns but maintains the principal value of its members' contributions.
The EPFO's top decision-making body is the Central Board of Trustees (CBT), [2] [3] a statutory body established by the Employees' Provident Fund and Miscellaneous Provisions (EPF&MP) Act, 1952. [4] As of 2021, more than ₹ 15.6 lakh crore (US$209 billion) are under EPFO management.
DOPT is concerned with the formulation of policy and the watchdog of the Government ensuring that certain accepted standards and norms, as laid down by it, are followed by all ministries/departments in the recruitment, regulation of service conditions and posting transfers and deputation of personnel as well as other related issues.
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Employees Provident Fund or Employees' Provident Fund refer to: Employees' Provident Fund Organisation, in India; Employees Provident Fund (Malaysia)
As the Minister of Personnel, Public Grievances and Pensions, the prime minister exercises control over the Indian Administrative Service (IAS), [1] the country's premier civil service, [2] [3] which staffs most of the senior civil service positions; [2] [3] the Public Enterprises Selection Board (PESB); [4] [5] and the Central Bureau of Investigation (CBI), [4] [5] except for the selection of ...
Provident fund is another name for pension fund.Its purpose is to provide employees with lump sum payments at the time of exit from their place of employment. This differs from pension funds, which have elements of both lump sum as well as monthly pension payments.
The history of Provident Fund (PF) in Nepal dates back to 1934 when the PF scheme came into existence with the establishment of Sainik Drabya Kosh (Army Provident Fund) during the Rana Regime. [4] The scheme was initiated with the intentions of removing financial hardships to the army personnel after their retirement. Under the scheme, the army ...