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CMA Intermediate · Business Laws and Ethics · Employees Provident Fund and Miscellaneous Provisions Act, 1952

The Code on Social Security, 2020 repeals the 1952 Act. Which statement correctly describes the position of the Employees' Provident Funds Scheme, 1952, the Employees' Deposit Linked Insurance Scheme, 1976 and the Employees' Pension Scheme, 1995?

These Schemes remain in force to the extent they are not inconsistent with the Code on Social Security, 2020, for one year from its commencement. They do not lapse at once, nor continue indefinitely, nor depend on any Board resolution.

  1. AThey lapse immediately on commencement of the Code
  2. BThey remain in force indefinitely, whether or not inconsistent with the Code
  3. CThey remain in force to the extent not inconsistent with the Code, for a period of one year from its commencementCorrect
  4. DThey remain in force for one year only if the Central Board of Trustees passes a resolution

Explanation

Section 164(2)(b) keeps these Schemes and the Tribunal (Procedure) Rules, 1997 in force to the extent not inconsistent with the Code for one year from commencement. Indefinite continuation or a Board resolution is not provided. Section 164(2)(a) separately deems actions taken to be taken under the Code.

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