06 March, 2020
2 Min Read
Syllabus subtopic: Statutory, Regulatory and various Quasi-judicial Bodies.
Prelims and Mains focus: about the move and its significance; about EPFO
News: Salaried employees are set to get 0.15% less in interest on provident fund deposits for 2019-2020, with the Central Board of Trustees of the Employees’ Provident Fund reducing the interest rate from 8.65% to 8.5%.
Other measures taken
The Constitution of India under "Directive Principles of State Policy" provides that the State shall within the limits of its economic capacity make effective provision for securing the right to work, to education and to public assistance in cases of unemployment, old-age, sickness & disablement and undeserved want. The EPF & MP Act, 1952 was enacted by the Parliament of India and came into force with effect from 4 March 1952 as part of a series of legislative interventions made in this direction.
Source: The Hindu
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