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The Board administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organised sector in India. [9] The board is chaired by the Union Labour Minister of India. Presently, the following three schemes are in operation under the Act: Employees' Provident Fund Scheme, 1952
The two largest systems are the Public Employees Noncontributory Retirement Systems, Tier I and Tier II, with 463 participating employers including all of Utah's school districts, the State of Utah, and its counties and various political subdivisions. The old Contributory system has 159 employers, the Public Safety system has 131, and the ...
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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.
Employees' State Insurance Corporation (ESIC), established by ESI Act, is an autonomous organisation under Ministry of Labour and Employment, Government of India.As it is a legal entity, the corporation can raise loans and take measures for discharging such loans with the prior sanction of the central government and it can acquire both movable and immovable property and all incomes from the ...
Notably, other entities like Employee Provident Fund, pension funds by life insurers, and mutual fund firms are beyond PFRDA's scope. [31] The contributory pension system, later termed the National Pension System (NPS), began on 22 December 2003, applied from 1 January 2004.
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