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JAIIB | IE AND IFS | EMPLOYEE PROVIDENT FUND (EPF) SCHEME- CASE STUDY

The Employee Provident Fund (EPF) scheme is a keystone of India’s social security system, intended at providing financial security to employees after retirement. Governed by the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952, the scheme is managed by the Employees’ Provident Fund Organization (EPFO). Understanding the functioning of the EPF is important for banking professionals, especially those preparing for the JAIIB (Junior Associate of the Indian Institute of Bankers) exam, as it plays a significant role in the Indian Economy (IE) and Indian Financial System (IFS) . Learning Sessions presents this article that explores the formation and importance of the EPF scheme through a case study, highlighting its impact on savings, investment, and financial security in India.

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Important characteristics of the EPF Scheme:

-Mandatory Contribution: Both employee and employer contribute equally (12% each) toward the employee’s retirement savings.

-Long-Term Savings: The EPF ensures a steady corpus of savings for employees upon retirement.

-Tax Benefits: Contributions to the EPF are eligible for tax deductions under Section 80C of the Income Tax Act, and the interest earned is also tax-free under certain conditions.

-Universal Coverage: Applicable to all companies employing 20 or more people, the EPF scheme ensures that a large part of the formal workforce in India is covered.

-Withdrawal Conditions: Employees can withdraw the funds at the time of retirement, or partially withdraw for specific purposes such as buying a house, medical emergencies, or marriage.

For the extensive preparation of candidates, get details through our YouTube videos for JAIIB IE & IFS Module wise Syllabus with explanations and tips to help candidates in their preparation journey.

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To conclude, The EPF scheme is a fundamental component of India’s social security system, contributing to long-term savings, financial security, and economic stability. Candidates preparing for JAIIB examination, understanding the structure and functioning of the EPF scheme is imperative. It offers observations into how social security mechanisms contribute to the broader economy and help maintain financial stability, particularly in times of economic uncertainty. Learning Sessions provides additional information about JAIIB IE & IFS TREDS by giving examples of real life scenarios.

Learn more about this case study through our YouTube channel and PDF.

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