Retirement and Social Security

Description: This quiz covers various aspects related to Retirement and Social Security in India.
Number of Questions: 15
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Tags: retirement social security pension epfo nps
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What is the minimum age at which an individual can avail the benefits of the Employees' Provident Fund (EPF) scheme?

  1. 55 years

  2. 58 years

  3. 60 years

  4. 65 years


Correct Option: B
Explanation:

According to the EPF scheme, an individual can withdraw their accumulated funds after attaining the age of 58 years.

Which government organization is responsible for administering the National Pension System (NPS)?

  1. Pension Fund Regulatory and Development Authority (PFRDA)

  2. Employees' Provident Fund Organization (EPFO)

  3. Reserve Bank of India (RBI)

  4. Securities and Exchange Board of India (SEBI)


Correct Option: A
Explanation:

The Pension Fund Regulatory and Development Authority (PFRDA) is the nodal agency responsible for regulating and developing the National Pension System (NPS) in India.

What is the maximum age limit for joining the National Pension System (NPS)?

  1. 50 years

  2. 55 years

  3. 60 years

  4. 65 years


Correct Option: D
Explanation:

Individuals can join the National Pension System (NPS) up to the age of 65 years.

What is the minimum contribution required under the Atal Pension Yojana (APY)?

  1. Rs. 100 per month

  2. Rs. 200 per month

  3. Rs. 300 per month

  4. Rs. 400 per month


Correct Option: A
Explanation:

The minimum monthly contribution required under the Atal Pension Yojana (APY) is Rs. 100.

Which of the following is NOT a benefit of the Employees' Pension Scheme (EPS)?

  1. Pension after retirement

  2. Family pension in case of death

  3. Disability pension

  4. Gratuity


Correct Option: D
Explanation:

Gratuity is not a benefit provided under the Employees' Pension Scheme (EPS). It is a one-time payment made to an employee upon retirement or resignation.

What is the age at which an individual becomes eligible for the Old Age Pension under the Indira Gandhi National Old Age Pension Scheme (IGNOAPS)?

  1. 60 years

  2. 65 years

  3. 70 years

  4. 75 years


Correct Option: A
Explanation:

Under the Indira Gandhi National Old Age Pension Scheme (IGNOAPS), individuals become eligible for the Old Age Pension at the age of 60 years.

What is the maximum monthly pension payable under the Employees' Pension Scheme (EPS)?

  1. Rs. 10,000

  2. Rs. 15,000

  3. Rs. 20,000

  4. Rs. 25,000


Correct Option: D
Explanation:

The maximum monthly pension payable under the Employees' Pension Scheme (EPS) is Rs. 25,000.

Which of the following is NOT a type of pension provided under the National Pension System (NPS)?

  1. Tier I account

  2. Tier II account

  3. Corporate pension

  4. Government pension


Correct Option: C
Explanation:

Corporate pension is not a type of pension provided under the National Pension System (NPS). Tier I and Tier II accounts are individual pension accounts, while government pension refers to the pension provided by the government to its employees.

What is the maximum age limit for availing the benefits of the Atal Pension Yojana (APY)?

  1. 55 years

  2. 60 years

  3. 65 years

  4. 70 years


Correct Option: D
Explanation:

Individuals can avail the benefits of the Atal Pension Yojana (APY) up to the age of 70 years.

Which of the following is NOT a feature of the Employees' Provident Fund (EPF) scheme?

  1. Tax-free interest on accumulated funds

  2. Partial withdrawal facility

  3. Nomination facility

  4. Loan facility


Correct Option: A
Explanation:

Interest earned on accumulated funds in the Employees' Provident Fund (EPF) scheme is taxable.

What is the minimum period of service required for an individual to be eligible for the Employees' Pension Scheme (EPS)?

  1. 5 years

  2. 10 years

  3. 15 years

  4. 20 years


Correct Option: B
Explanation:

Individuals who have completed a minimum of 10 years of service are eligible for the Employees' Pension Scheme (EPS).

Which of the following is NOT a benefit of the National Pension System (NPS)?

  1. Tax benefits on contributions and withdrawals

  2. Investment flexibility

  3. Regular income after retirement

  4. Life insurance coverage


Correct Option: D
Explanation:

Life insurance coverage is not a benefit provided under the National Pension System (NPS).

What is the maximum age limit for availing the benefits of the Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

  1. 60 years

  2. 65 years

  3. 70 years

  4. 75 years


Correct Option: D
Explanation:

Individuals can avail the benefits of the Pradhan Mantri Vaya Vandana Yojana (PMVVY) up to the age of 75 years.

Which of the following is NOT a type of pension provided under the Employees' Pension Scheme (EPS)?

  1. Regular pension

  2. Family pension

  3. Disability pension

  4. Gratuity


Correct Option: D
Explanation:

Gratuity is not a type of pension provided under the Employees' Pension Scheme (EPS). It is a one-time payment made to an employee upon retirement or resignation.

What is the minimum age at which an individual can avail the benefits of the Pradhan Mantri Vaya Vandana Yojana (PMVVY)?

  1. 55 years

  2. 60 years

  3. 65 years

  4. 70 years


Correct Option: B
Explanation:

Individuals can avail the benefits of the Pradhan Mantri Vaya Vandana Yojana (PMVVY) from the age of 60 years.

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