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

Under the matters listed in Schedule II to the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 for which a Scheme may make provision, which of the following is expressly included?

The Scheme may provide for the rate of interest payable to members, which is fixed by the Central Government in consultation with the boards of trustees concerned. Minimum wages, auditor appointments and income-tax rates are not matters listed in Schedule II for a Scheme.

  1. AThe fixation of the rate of interest payable to members by the Central Government in consultation with the boards of trustees concernedCorrect
  2. BThe fixation of the minimum wages payable to employees by the employer
  3. CThe appointment of the statutory auditors of every covered establishment
  4. DThe determination of the rate of income-tax on interest credited to members

Explanation

Item 8 of Schedule II lists the fixation by the Central Government, in consultation with the boards of trustees concerned, of the rate of interest payable to members. The other options are not matters listed in the Schedule for a Scheme.

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