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Questions
Write a short note on Social Security.
Explain the term social security.
Solution
Social Security is the protection which society provides for its members through a series of public measures against economic and social distress that would otherwise cause substantial reduction or stoppage in earnings due to sickness, maternity, injury unemployment, old age, death, etc.
Some Social Security schemes in India are Provident fund scheme.
- pension scheme
- maternity benefits
- Group insurance.
RELATED QUESTIONS
A voluntary payment made by an employer to an employee who retires after long and dedicated services is ______.
When the Principal of a school retires, the vice - principal is given her place. Identify which of the following will be true in this context.
- The vice-principal is being transferred
- The vice-principal will be getting a higher salary
- The vice-principal is getting promoted
- The vice-principal will be getting the same salary but her designation will change
Amount of ______ is paid once in lump sum whereas ______ is paid every month.
What is a Provident Fund Scheme?
Briefly explain the term Pension?
Why is 'Gratuity' given by an employer to an employee?
What do you mean by group life insurance?
Explain the benefits provided by employers to employees under the Employees State Insurance Act.
| Mr. Khanna, a manager in a public limited company, is turning sixty years of age and is about to retire from the organisation after a long and dedicated service. |
In this context answer the following:
- Name any two Acts pertaining to Mr. Khanna's retirement.
- Discuss the reasons why these two Acts need to be effected in organisations.
Distinguish between Provident Fund and Pension.
