BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

Please wait while the activity loads.
If this activity does not load, try refreshing your browser. Also, this page requires javascript. Please visit using a browser with javascript enabled.

If loading fails, click here to try again

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

Which pension plan provides benefits of pension by employer of organization?

A	discretionary plan
B	non-contributory plan
C	contributory plan
D	Non-discretionary plan

Explanation:

Detailed explanation-1: -The Noncontributory Defined Benefit Pension Plan is totally funded by University contributions to a trust fund held at BNY Mellon. The Plan does not require an employee contribution. Benefits are based upon a formula, not upon contributions or the plan’s investment earnings.

Detailed explanation-2: -A pension scheme which does not require contributions from active members, i.e. the employer is liable for all contributions needed to support the scheme.

Detailed explanation-3: -EPS was launched in 1995 and allowed existing and new EPF members to join the scheme. Both the employer and employee contribute 12% each of the employee’s pay towards EPF.

Detailed explanation-4: -Currently, three schemes operate under the EPF Act: Employees’ Provident Fund Scheme (EPFS), Employees’ Pension Scheme (EPS) and Employees’ Deposit Linked Insurance Scheme (EDLIS). the central government may, by notification, specify in this behalf.

There is 1 question to complete.