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Previous year MCQs
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Economy
UPPSC 1998 GS-I
Question
Provident Fund in India is
A)
Contractual savings
B)
Residual Savings
C)
Voluntary Savings
D)
Employers savings
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Answer & Solution
Answer:
(Detailed Solution Below)
Option A:
Contractual savings
Detailed Solution:
The correct answer is
“Contractual savings”.
Provident fund in India is contract based savings. Provident fund is the portion of the income of public sector employees that has to be deposited with the government on contract basis.
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