Senior Citizens’ Welfare Fund

Q.  From which of the following will funds be diverted for Senior Citizens’ Welfare Fund?

1) Employees’ Provident Fund
2) Public Provident Fund
3) Infrastructure Bonds
- Published on 06 Apr 16

a. 1, 3
b. 2, 3
c. 1, 2
d. All of the above

ANSWER: 1, 2
 
  • Savings that remain unclaimed in Employees’ Provident Fund and Public Provident Fund accounts and other small savings schemes for seven years, will be diverted to finance a Senior Citizens’ Welfare Fund, according to new rules notified by the Finance Ministry on March 18.
  • The Senior Citizens’ Welfare Fund was announced in the last Budget. Trustees of the Employees’ Provident Fund Organisation termed the move as unconstitutional.
  • Officials said that unclaimed deposits of PF contributors cannot be diverted for any other purposes, as per the EPF Scheme, 1952.

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