Important Points for IC 83 - Group Insurance and Retirement Benefit Schemes Exam
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The Employees Deposit Linked Insurance Scheme, 1976 popularly known as EDLIS, was introduced with effect from 01.08.1976. The scheme is administered by the EPFO through the Central Board of Trustees.
Employees Pension Scheme, 1995 (EPS) has been introduced with effect from 16.11.1995. The scheme applies to all those establishments to whom Employees Provident Fund and Miscellaneous Provisions Act, 1952 is applicable.
Public Provident Fund (PPF) is a scheme of the Central Government, framed under the PPF Act of 1968. PPF is a government backed, long term small savings scheme which was initially started by the Government because it wanted to provide retirement security to self-employed individuals and workers in the unorganised sector.
A minimum yearly deposit of Rs.500 is required to open and maintain a PPF account, and a maximum deposit of Rs 1.5 lakhs can be made in a PPF account in any given financial year.
The Government of India decides the rate of interest for PPF account. Interest will be paid on 31 March every year. Interest is calculated on the lowest balance between the close of the fifth day and the last day of every month.
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