Question

10 at present apart from the basic pay and allowance as a part of compensation the employees and employed contribute 12% of basic wages each towards employees provident fund scheme and employees Pension Fund scheme a proposal to reduce the contribution by employers and employees app to 10% of basic pay and dearness allowance was listed on the agenda for a recent meeting of Employees Provident Fund Organisation head the stakeholders Expressed their reservation about it and they feel it should be continued at 12% explain any two needs at suggested by maslow need hierarchy theory which will not be satisfied by incentives discussed above?

Answer 1

Answer:

EPF is the main scheme under the Employees' Provident Funds and Miscellaneous Act, 1952. The employee and employer each contribute 12% of the employee's basic salary and dearness allowance towards EPF. Currently, the rate of interest on EPF deposits is 8.50%