Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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A Social Security Division has been set up under the Ministry of Labour and Employment. The division deals with framing of social security policy for the workder, administration of all the legislations relating to social security and implementation of the various social security scheme.
Gratuity is a voluntary payment made by the employer to the employee in recognition of continuous, meritorious services and sincere efforts by the employee towards the organisation. It is goverened under the Payment of Gratuity Act, 1972.
Gratuity is payable immediately on the 'termination' of employment of the employee after he has rendered a continuous service of not less than five years: On his/her superannuation; On his/her retirement or resination; On his death or disablement due to accident or disease.
The Employees Provident Fund and MP Act, 1952 is an important piece of Labour Welfare legislation enacted by the Parliament to provide social security benefits to the workers.
The Employees Provident Fund and MP Act, 1952 framed there under provides for three types of benefits: Contributory Provident Fund, Pensionary benefits to the employees/family members and The insurance cover to the members of the Provident Fund.
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